CBOT corn retreats after USDA supply cuts disappoint
- CBOT March corn ended 2-1/2 cents lower at $4.21-1/4 cents per bushel after peaking at $4.27-1/2 ahead of the USDA report.
- Brazil's CONAB on Thursday lowered its total corn crop estimate for the country to 102.589 million tonnes, from 104.891 million previously.
CHICAGO: Chicago Board of Trade corn futures eased on Thursday after the US Department of Agriculture (USDA) projected larger US end-of-season supplies than expected in a monthly report and a larger-than-anticipated Brazilian crop, traders said.
CBOT March corn ended 2-1/2 cents lower at $4.21-1/4 cents per bushel after peaking at $4.27-1/2 ahead of the USDA report.
The USDA left its 2020/21 US corn ending stocks forecast at 1.702 billion bushels, above the average trade forecast for 1.691 billion. Global ending stocks were lowered to 288.96 million tonnes, from 291.43 million previously and the average trade estimate of 289.26 million.
USDA also reduced its Argentine corn crop forecast by 1 million tonnes but left its Brazilian crop view unchanged. Analysts, on average, had expected cuts to both countries' crops following dry early-season weather.
Brazil's CONAB on Thursday lowered its total corn crop estimate for the country to 102.589 million tonnes, from 104.891 million previously.
Robust export demand limited declines in corn. The USDA on Thursday said exporters sold a net 1.362 million tonnes of US corn last week, in line with trade expectations.
In addition, the USDA on Thursday confirmed private sales of 344,442 tonnes of US corn to Mexico, the latest is a series of large purchases by major importers.
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