Cool Source of Materials
Cool Source of Materials
Chicago Board of Trade (CBOT) corn futures fell on Friday due to the seasonal harvest pressure and non-governmental organizations’ higher expectations ofU.S.corn production this year than the government estimated.
Economics analyst, said in Friday that the United States Department of Agriculture (USDA) will raise its corn production estimate to 11.194 billion bushels and yield per acre estimate to 127 bushels. USDA corn production was estimated at 10.727 billion bushels before. In next Thursday, October 11, U.S. Department of Agriculture will release its new October supply and demand report.
An agricultural meteorologist said, is expected to be in the next 1-10 days, the farmers of corn and soybean harvest will continue to maintain a rapid pace, while in this week ,with a light rain, harvest progress slowed slightly.
The U.S. Grains Council said China this year, high corn production meet domestic demand, the yield about 500-600 million tons more than that of last year .Due to market less reliance on the U.S. crop export , the Chicago agricultural futures market corn and wheat futures contract price fell in the 5th, while soybean prices were flat with the previous trading day.
A private sector forecasted, this year’sU.S.corn production is expected to be close to 112 billion bushels, higher than the 10.727 billion bushels projected in September by the U.S. Department of Agriculture. In addition, some traders expected the corn in the next week harvest progress steadily. Weak export demand signals, made many investors chose to take profits before the crop supply and demand report of Ministry of Agriculture annunciation next week. Corn prices is suppressed.
However, many traders believe that the U.S. Department of Agriculture report announced next week, might raise the soybean yields, the increase rate is expected about 2 bushels per acre to 4 bushels, to suppress soybean prices down.