Cool Source of Meterial
On Oct. 11, the Chicago Board of Trade (CBOT) corn futures on Thursday increase sharply due to the influence of the USDA report in October.
The U.S. Department of Agriculture forecast U.S. and global corn stocks in 2013 will be less than expected, imbalance of demand and supply are expected to result in lowest amount of stock during 17 years before. It is lower than analysts’ forecast of 648 million bushels. U.S. Department of Agriculture also announced that the Global 2012/13 corn ending stocks estimated to 1.1727 million tons, the peak of recent six years, which is lower than the September forecast of 1.2395 million tons and market analysts’ prediction of 1.21322 million tons. Because U.S. crop yeild decreased by drought, and decreased EU corn production by 2.6% in the report. USDA expected U.S. corn crop yield was 10.706 billion bushels,higher than 1% compared to the analyst prediction of 10.601 billion bushels.An agricultural meteorologist said on Thursday, the weekend’s rainfall is expected to cause the postponement of the U.S. corn and soybean harvest, but next week the weather will be so good that corn and soybeans recovery invasive fast record harvest.It is proved that the harvest of corn increase the price of future market.
December corn futures closed price rose by 36 1/2 cents(5.0%) at $ 7.73 1/4 per bushel, the highest settlement price for the past month in Oct 10th.Many short heghers lost much on Oct 10th.