USDA Report Propels Corn to Three-Week High
Corn prices jumped to the highest level in three weeks after the US Department of Agriculture released its grains estimate. Corn stockpiles projected to be at 117.27 million metric tons as of October, down from the previous estimate of 123.95 million tons. The reserves to consumption ratio will be at 32.7 percent, the lowest since 1974.
Supply was damaged by the drought this summer. According to Donald Keeney, a senior meteorologist in MDA Information Systems Inc., the Midwest experienced hottest and driest June and July since 1936. The government data showed that about 50 percent of corn was in poor or very poor condition as of September 30.
Corn futures rallied $0.3650 (4.95 percent) to $7.7325 per bushel as of 22:02 GMT on CBoT today. Earlier, the prices reached $7.76 per bushel, the highest since September 17, while the advance was the biggest since September 28.
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