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Corn prices drop to 3.5 year low ahead USDA 2013 estimate

  • The U.S. Department of Agriculture is expected to lift its estimate today for the 2013 corn harvest (CORN) to 14.05B bushels from a prediction in December of 13.99B bushels.
  • That would make last year's output the largest in U.S. history, surpassing the crop of 13.1B bushels in 2009.
  • If confirmed, the estimates are likely to add pressure to corn prices, which hit a 3 1/2 year low of $4.08 a bushel yesterday before closing at $4.12. That was still down 1.2%, with the decline also due to falling exports. Corn has dropped 2.4% this year after plummeting 40% in 2013.
  • Wheat prices suffered as well yesterday from poor overseas sales, hitting a two-year low of $5.785 a bushel before recovering a bit to close -0.8% at $5.8425.
  • ETFs: DBA, RJA, WEAT, DAG, JJA, AGA, RGRA, AGF, FUD, USAG, DIRT, UAG, WEET, TAGS, ADZ
This was corrected on 01/10/2014 at 05:31 AM.
Comments (1)
  • banshee1010
    , contributor
    Comments (11) | Send Message
     
    AGA and AGF trading at huge discounts! Over 30%
    10 Jan, 08:20 AM Reply Like
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