Chicago Board of Trade (CBOT) corn futures eased on Thursday in a profit-taking and position-squaring setback ahead of a monthly government suppply and demand report due on Friday. CBOT September corn settled down 2 cents at $3.69-1/4 per bushel. New-crop December corn ended 2-1/4 cents lower at $3.82-3/4.
Declines were limited by expectations for eroding US corn yield potential amid forecasts for drier weather in the Midwest over the coming weeks. Analysts on average expect the US Department of Agriculture on Friday to raise its forecasts of US 2018 corn yield and production in its monthly supply/demand report.
Weekly corn export sales were 1.212 million tonnes, according to the USDA, in line with forecasts for 700,000 tonnes to 1.5 million tonnes. Analysts at Strategie Grains raised its monthly grain maize crop forecast by 700,000 tonnes to 61.3 million tonnes, now up 3 percent versus 2017.
Conab forecast Brazil's corn production at 82.18 million tonnes, down from a 82.92-million-tonne forecast in July and 97.84 million tonnes last season.
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