The US Department of Agriculture today released its latest World Agricultural Supply and Demand Estimates, known as the WASDE report. The USDA estimates this year’s corn crop at 846 million bushels, down marginally from last month. The figure represents a 48 million bushel increase from the previous year.
The report noted:
Prices received by producers to date have remained well below prevailing cash bids limiting the upward potential for the season-average farm price.
Corn prices are expected to range from $5.70 to $6.70 per bushel, as demand from livestock producers in China and the US corn-ethanol producers keeps prices up.
Corn futures fell -6% today, and are currently set at about $6.11/bushel. The drop in prices reflects traders’ belief that the crop would be smaller than the WASDE reported.
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