Corn Rebounds form 3-Month Low After WASDE
Corn futures rebounded to $4.50 per bushel from a three-month low of $4.40 on November 9th after the USDA's WASDE report downwardly revised the supply backdrop in the US. US corn stocks at the end of the marketing year are expected to be 1.758 billion bushels, revised lower from last month's projection of 1.849 billion, consistent with a reduction in annual production to 15.89 billion bushels from 16.03 billion. Meanwhile, the US harvest reached 81% completion as of November 8th, five percentage points behind the five-year average, with wet conditions slowing fieldwork in key producing states such as Iowa. The data trimmed the recent decline in corn prices, which had been partially driven by the slump in fuel costs amid fresh optimism over diplomacy in Iran, limiting demand for ethanol.
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Corn futures rebounded to $4.50 per bushel from a three-month low of $4.40 on November 9th after the USDA's WASDE report downwardly revised the supply backdrop in the US. US corn stocks at the end of the marketing year are expected to be 1.758 billion bushels, revised lower from last month's projection of 1.849 billion, consistent with a reduction in annual production to 15.89 billion bushels from 16.03 billion. Meanwhile, the US harvest reached 81% completion as of November 8th, five percentage points behind the five-year average, with wet conditions slowing fieldwork in key producing states such as Iowa.
The data trimmed the recent decline in corn prices, which had been partially driven by the slump in fuel costs amid fresh optimism over diplomacy in Iran, limiting demand for ethanol.