October USDA report made corn prices plummet

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.