Corn futures ended the day lower after a disappointing report from Informa pegged U.S. crop production at 157.1 bu/acre or 12.554 billion bushels for this growing season. Next week the USDA will release their August crop production report, with many analysts and traders predicting a lower corn acreage number. Though many are expecting a decrease in the number of acres planting, an increase in the overall yield could offset this and have a bearish effect on the market.
Soybeans recovered after falling earlier in the session on estimates for a big U.S. crop, traders said. Private analytical firm Informa Economics said its "mostly likely" final estimate for soybean production was 3.322 billion bushels, with an average yield of 43.5 bushels per acre, traders said. Informa estimated the USDA next week will peg production at 3.177 billion bushels, with an average yield of 41.6 bushels per acre, traders said.
The government's crop estimates are due at 7:30 a.m. CST on Aug. 12.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment