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September 25th, 2012
Corn Futures – Corn spreads in Chicago have collapsed from a peak in July, and buying grain for December delivery is now cheaper than for March delivery as an early U.S. harvest and record Brazil exports are boosting immediate supply.
Corn futures for December delivery has slipped 6.8 percent in the past month to $7.4675 a bushel, while the March contract dropped 6.4 percent to $7.5025 a bushel in the same period, making corn for the closer date 3.75 cents cheaper. Buyers on July 20 had to pay 14.5 cents more for corn delivered in December.
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September 12th, 2012
Corn Futures – Corn output in the U.S., the world’s largest grower, will fall by less than analysts expected after the worst drought in more than 50 years, the government said. Prices fell to a seven-week low.
Farmers will collect 10.727 billion bushels, the smallest crop in six years and down 13 percent from 12.358 billion in 2011, the U.S. Department of Agriculture said today in its second survey-based estimate for the crop. Last month, the USDA forecast 10.779 billion. The average prediction of 35 analysts surveyed by Bloomberg was for 10.420 billion. Supplies of the grain on Aug. 31, 2013, will be greater than analyst estimates.
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August 28th, 2012
Corn futures prices may decline as farmers around the world increase acres to meet import demand after the worst U.S. drought in half a century cut supply from the largest grower, the U.S. Grains Council said.
“It will take one year, but it could decline from here if they see Brazil having a big crop this winter and in Argentina if they have good weather,” Julius Schaaf, an Iowa-based vice- chairman of the council, said in an interview. “Then you’ll see the market slowly descend into next fall.”
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Aug 28th, 2012
Coffee Futures – Robusta is beating arabica for the first time in four years as roasters use more of the cheaper grade and farmers reap fewer beans in Vietnam, the top grower.
While robusta, used in espresso and instant coffee, typically costs less than the arabica used to make specialty drinks by retailers including Starbucks Corp. (SBUX), its discount has narrowed to 73 cents a pound, from 145 cents at the end of 2011. The spread will contract to 55 cents by the end of the year, the lowest since July 2009, as demand increases to a record, the average of 10 trader estimates compiled by Bloomberg shows.
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August 27th, 2012
Corn futures = The U.S. corn harvest is proceeding at the fastest pace ever after farmers planted early and the worst drought in generations accelerated crop maturity, the government said. Soybean conditions fell.
About 6 percent of the corn was harvested as of yesterday, compared with 4 percent a week earlier and none a year ago, the U.S. Department of Agriculture said today in a report. About 26 percent of the crop was rated mature, up from a revised 16 percent a week earlier, increasing the risks wind and rain will knock ears off stalks or blow plants over.
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August 23rd, 2012
Corn futures dropped Thursday on news that corn exports had fallen 12% from last week and 7% from the 4-week average, according to data from the U.S. Department of Agriculture.
Corn futures for December delivery CZ2 , the most active contract, fell 21 cents, or 2.6%, to $8.13 per bushel on the Chicago Board of Trade, erasing most of the gains it has made in August. The contract has rallied nearly 56% over the past three months.
“The most salient piece of information was the weekly export sales, which were fairly disappointing,” said Austin Damiani, market analyst for Frontier Futures in Minneapolis. While investors were focused on supply concerns earlier in the week, the export data had turned focus to demand, according to Damiani. “The slowing of corn export sales sends a signal that the current price of corn is rationing demand,” he said.
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August 23rd, 2012
Corn Futures – World corn production will be smaller than estimated a month ago after dry weather damaged crops in the U.S., the International Grains Council forecast.
Farmers across the world will harvest 838 million metric tons of corn in the 2012-13 crop year, down 3 percent from 864 million tons forecast on July 26 and below last year’s output of 875 million tons, the London-based council wrote in an e-mailed report today. Corn prices surged 64 percent since mid-June on the Chicago Board of Trade, touching a record $8.49 a bushel on Aug. 10, as the worst U.S. drought in a half century cut yields.
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August 13th, 2012
Corn futures fell the most in five weeks on speculation that demand is slowing after a crop-damaging U.S. drought sent prices to a record this month. Soybeans and wheat declined as rain aided parched fields from Kansas to Ohio.
Premiums for corn delivered to export terminals near New Orleans fell to the lowest since January 2011, U.S. Department of Agriculture data show. The government is reviewing mandates for ethanol use after corn futures jumped more than 60 percent since mid-June, drawing complaints from livestock producers that too much grain is being diverted to make fuel.
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August 10th, 2012
Corn Futures – Corn production in the U.S., the world’s largest grower and exporter, will drop 13 percent to a six-year low after the hottest July since 1936 damaged Midwest fields, the government said.
The harvest will total 10.779 billion bushels (273.8 million metric tons), compared with 12.358 billion in 2011, the U.S. Department of Agriculture said today in its first survey- based estimate for the crop. Last month, the USDA said production would fall to 12.97 billion. The average prediction of 29 analysts questioned by Bloomberg was for 10.929 billion.
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August 9th, 2012
Corn futures surged to a record, leading rallies in soybeans and wheat, on mounting signs that the worst U.S. drought since 1956 will erode production from farmers that are the world’s largest exporters of the crops.
The U.S. Department of Agriculture, in a report tomorrow, probably will cut its domestic corn-crop forecast to 10.929 billion bushels, the smallest in six years, according to the average estimate of 29 analysts in a Bloomberg survey. That would be down 16 percent from a July forecast, the biggest August reduction since 1974. The estimate for soybeans may drop 8.3 percent to 2.796 billion bushels, the smallest since 2007.
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