By Ryan Hanrahan
Bloomberg’s Michael Hirtzer reported that “corn futures fell below $4 a bushel (on Wednesday) to the lowest level in about 11 months as favorable US weather continued to weigh on prices ahead of a key report due next week that could show eye-popping yields.” At close on Wednesday, prices had recovered slightly to above $4 a bushel, but were still at their lowest since mid-October 2024.
In early trading Thursday, corn futures are rebounding and sit at just above $4.04, as of 8 a.m. EST.
“Estimates from traders are coming in above the US Department of Agriculture’s forecast in July. StoneX earlier this week estimated the American corn yield at 188.1 bushels per acre, considerably above the USDA’s already record-high forecast of 181. The agency will update its estimates in a monthly report due Aug. 12,” Hirtzer reported. “Abundant rainfall and a relative lack of threatening heat have boosted US fields, even as some farmers complain of pollination issues that could impede yields in certain areas.”
Source : illinois.edu