Corn Struggles to Extend Rebound
Corn futures traded around $4.4 per bushel, struggling to sustain their rebound from a three-month low as a stronger US dollar and favorable South American weather offset tighter domestic supply projections. The USDA's November WASDE report lowered projected US corn production to 15.89 billion bushels from 16.03 billion in October, while ending stocks were revised down to 1.758 billion bushels from 1.849 billion. Meanwhile, the US harvest reached 81% completion as of November 8, five percentage points behind the five-year average, with wet conditions slowing fieldwork in major producing states. However, export demand remained a concern, with US corn export inspections running nearly 16% below last year's pace. A stronger dollar, which climbed to a 19-month high following hotter-than-expected US inflation, further pressured prices by making American supplies less competitive overseas. Traders now await the USDA's weekly export sales report for fresh demand signals.
Corn futures traded around $4.4 per bushel, struggling to sustain their rebound from a three-month low as a stronger US dollar and favorable South American weather offset tighter domestic supply projections. The USDA's November WASDE report lowered projected US corn production to 15.89 billion bushels from 16.03 billion in October, while ending stocks were revised down to 1.758 billion bushels from 1.849 billion. Meanwhile, the US harvest reached 81% completion as of November 8, five percentage points behind the five-year average, with wet conditions slowing fieldwork in major producing states.
However, export demand remained a concern, with US corn export inspections running nearly 16% below last year's pace. A stronger dollar, which climbed to a 19-month high following hotter-than-expected US inflation, further pressured prices by making American supplies less competitive overseas. Traders now await the USDA's weekly export sales report for fresh demand signals.