Post-USDA report corn gains continue Monday
Corn gained after the U.S. Department of Agriculture on Friday unexpectedly lowered its domestic yield and production estimates. Wheat also gained while soybeans declined.
U.S. growers harvested 13.925 billion bushels of corn last fall on yields of 158.8 bushels an acre, down from December estimates of 13.989 billion bushels on 160.4 bushels an acre, the government said in a report on Friday. Analysts forecast output at 14.053 billion bushels and yield at 161.1 bushels an acre.
Demand for corn to make animal feed in the year that ends on Aug. 31 was also forecast higher than expected, resulting in a stockpiles forecast of 1.631 billion bushels, down from last month's estimate of 1.792 billion bushels and well below analyst expectations.
With electronic trading paused until the open-outcry session starts at 9:30 a.m. EST, Chicago Board of Trade corn futures for March delivery gained 3/4 cent, or 0.2%, to $4.33 1/2 a bushel.
Wheat futures for March delivery rose 3 1/2 cents, or 0.6%, to $5.72 1/2 a bushel in Chicago trading. The price increased after Egypt reportedly bought 55,000 metric tons of wheat from the U.S. for shipment in mid-February.
Soybean futures for January delivery fell 4 1/2 cents, or 0.4%, to $12.99 1/4 a bushel in Chicago. The price declined after the USDA on Friday raised its outlook for domestic production slightly to 3.289 billion bushels on yields of 43.3 bushels an acre.
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(END) Dow Jones Newswires
January 13, 2014 09:05 ET (14:05 GMT)
DJ Corn Gains as USDA Reports Show Output Lower Than Expected->copyright