October USDA report made corn prices plummet
11 October 2019, 13:47
By results of trades on October 10 on CBOT, corn quotations fell sharply to USD 149.7 per ton against USD 155.2 per ton at previous trading sessions, the APK-Inform consultancy reports.
"The decrease in prices was a respond to USDA experts' increase of corn yield forecast in the U.S. in their October report to 168.4 bsh./ac vs. 168.2 bsh./ac as estimated in the previous report, while market operators expected this indicator to decrease to 167.5 bsh./ac," the report says.
Prices were influenced by the reduction of the US grain exports forecast this season by 3.5 mln t to 51.5 mln t.
As a reminder, USDA experts cut the world corn end stocks estimate in 2019/20 by 3.72 mln t to 302.55 mln t vs. the prior month's estimate, 306.27 mln t.
