Corn Falls for 6th Time in Last 7 Sessions
On Wednesday, corn futures fell again, marking the sixth time in seven sessions that corn has moved lower.
Speculation that the U.S. crop is larger than the record forecast earlier this month once again put pressure on the commodity this morning.
Concerns about lower usage of the grain to make ethanol didn't help either.
"The U.S. Department of Agriculture, earlier this month, forecast domestic corn production at 13.989 billion bushel," the WSJ reiterated. "The figure may rise when final production is tallied on reports that farmers are gathering more corn than previously expected."
"If there is an adjustment, it'll be higher," said Tom Leffler of Leffler Commodities, LLC. "The only way I would be shocked is if" production declined from the record forecast by the USDA earlier this month.
Corn futures for December delivery fell to $4.17 a bushel on the Chicago Board of Trade.
All told, the price has dropped 2.6% this month as production continues to climb.
Be the first to comment on this blog!