Moneymoney

Mon Aug 12, 2019, 02:28 PM

Corn Plunges Most in 3 Years After Higher U.S. Crop Estimate Surprises


REUTERS Updated: August 12, 2019

CHICAGO — Chicago corn futures fell nearly 6% on Monday, on track for the biggest drop in more than three years, after the U.S. Department of Agriculture forecast a bigger-than-expected harvest.

The USDA forecast the 2019/20 corn crop at 13.901 billion bushels, above the 13.875 billion bushels expected in July. A Reuters poll of analysts had predicted a USDA forecast of 13.193 billion bushels.

The USDA resurveyed farmers following wide criticism of a June report on how many acres of corn would be planted. Its new survey showed farmers had planted 90.0 million acres, well above the 80.05 million acres in the June poll.

“Traders didn’t get to see corn acres cut as much as they wanted so they’re sending futures markets sharply lower,” said Terry Reilly, senior commodity analyst, Futures International. “The crop isn’t as bad as people predicted out there.”

more...

https://leaderpost.com/pmn/business-pmn/corn-plunges-most-in-3-years-after-higher-u-s-crop-estimate-surprises-2/wcm/4f21105f-790a-403b-a53f-baaf5f0c1fc9

This one surprises me, indeed.

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Reply Corn Plunges Most in 3 Years After Higher U.S. Crop Estimate Surprises (Original post)
RCW2014 Monday OP
Frankenvoter Monday #1
uncledad Monday #2
KittyCatIdiots Monday #3

Response to RCW2014 (Original post)

Mon Aug 12, 2019, 02:32 PM

1. They finally got it in the ground but it's not nearly as tall as normal by now

So even though 90% has been planted doesn't mean they're gonna have a full harvest.

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Response to RCW2014 (Original post)

Mon Aug 12, 2019, 04:40 PM

2. " Forecasted " may be overly optimistic.

The USDA providing good news is positive for the fake news cycle.

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Response to RCW2014 (Original post)

Moneymoney