Supply pushes grain prices down today
LA Times (who ‘d have thought LA worried about grain markets?!)
Wheat, Corn and Beans futures are all coming off lately but Corn was the victim today.
Locked limit down on the CBOT…can’t wait to see tomorrow’s action.
From Bloomberg News:
“About 87.035 million acres
were planted with corn, the U.S. Department of Agriculture said today in a report following a survey of farmers. That was up 2.4% from the March forecast on growers’ intentions and 1.2% higher than the 85.98 million last year. The average estimate of 24 analysts in a Bloomberg News survey was for 85.16 million acres.
“The U.S. corn report showed ‘an awfully big acreage number and suggests inventories will be more comfortable,’ said Tim Emslie, a research manager at Country Hedging Inc. in Inner Grove Heights, Minnesota.”
Near-term corn futures in Chicago today have plunged the maximum daily limit of 30 cents, to $3.47 a bushel. The price has tumbled 23% from $4.49 a bushel June 2.