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Corn Looks to Be Range Bound For Now
Posted: 11/03/11
By: tomgrisafi
Corn may not move much in either direction until a November crop report from the USDA.
Until then, uncertainty looms large over markets.
U.S. corn futures were flat in early Asian trading on Thursday as uncertainty over the size of the U.S. corn harvest, now drawing to a close, continued to unsettle markets, Reuters reported.
Traders were concerned about the accuracy of U.S. Department of Agriculture (USDA) estimates, which have already been criticized following dramatic revisions earlier this year.
The market is starting to focus on the USDA's November supply and demand report to be released next Wednesday which may show and an upward adjustment following a higher estimate from a key private forecaster on Wednesday.
Source: Reuters
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