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Market Commentary

Midday Report 05/20


Talk of greatly accelerated corn plantings last week and again during the days ahead probably depressed deferred corn futures Monday. However, the morning combination of equity strength and U.S. dollar weakness, as well as the supportive result of the weekly USDA Export Inspections report seemed bullish for the nearby July contract. We suspect its recent failure to top its 50-day moving average has sparked technical sales. July corn fell 8.0 cents to $6.4475/bushel Monday morning, while December slipped 2.75 cents to $5.1675.
Market Info
Home > Resource Centers > Corn > Corn production drops 13% to 10.8 billion bushels

Corn production drops 13% to 10.8 billion bushels

USDA  |   August 10, 2012
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According to the USDA's Crop Prodution report, corn production is forecast at 10.8 billion bushels, down 13 percent from 2011 and the lowest production since 2006. Based on conditions as of August 1, yields are expected to average 123.4 bushels per acre, down 23.8 bushels from 2011. If realized, this will be the lowest average yield since 1995. Area harvested for grain is forecast at 87.4 million acres, down 2 percent from the June forecast but up 4 percent from 2011.

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B Posch    
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Canada  |  August, 10, 2012 at 07:56 AM

Do these numbers sound accurate? Especially that the acres harvested for grain will be down only 2% from the
June numbers? The Doane crop tour sounded more in line with reality.

R Kinney    
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illinios  |  August, 10, 2012 at 12:02 PM

usda isn't considering additional acreage to be chopped for feed because low hay supplies and reduced tonage of corn silage being made

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