USDA raised its forecast reserves of world cornUpdate: 11/26/2013
Corn futures prices fell to the lowest 4 weeks after the USDA reported that U.S. corn supplies and high world will more than previously estimated .
According to the U.S. Department of Agriculture ( USDA ) , U.S. corn reserves by the end of August 2014 will reach 1.855 billion bushels , higher than the 1.837 billion bushels forecast forecast in August due to harvest this crop will hit record . USDA estimates U.S. farmers will harvest 13.843 billion bushels of corn to the next harvest , an increase of nearly 100 million bushels compared with forecasts made earlier .
The average yield this year is forecast at 155.3 bushels / sample , higher -than-expected 154.4 bushels / form last month and 123.4 bushels / model last year . This figure is higher than the experts expected 153.9 bushels / sample .
USDA also raised its forecast corn reserves in the world. Stockpiles before the 2014 harvest reached 151.42 million tons , higher than 150.17 million tons forecast last month . Meanwhile , traders only estimate reserves reached 148.97 million tons . Corn production in the crop year starting from 1/ 10 to be reached 956.67 tons , the USDA said.
Prices December corn futures on the Chicago floor plummeted 1.3 % yesterday, closing at $ 4.6625 / bushel . Earlier, the price was $ 4.5625 level promiscuous / bushel , the lowest since 15/8 . Corn prices decreased 33 % from the total so far this year and 45 % compared with a record high in August last year .
Also in the last report , the USDA also raised its forecast world wheat stocks year to reach 176.28 million tons , 172.99 million tons higher than last month's forecast and expectations 172.75 million tons of commercial personnel . Production of wheat crop is also raised its forecast to 3.5 million tons to 708.89 million tons .
Wheat closed yesterday at $ 6.53 / bushel . After the USDA report , prices fell 1.7 % to $ 6.3725 / bushel , the lowest since 8/14 . Wheat prices dropped 16 % this year .
According Gafin / Bloomberg - http://www.tintucnongnghiep.com