CBOT corn soars on smaller-than-expected USDA stocks figure
- CBOT December corn settled up 14-1/4 cents at $3.79 per bushel after reaching $3.82-3/4, the contract's highest since March 6.
- The Sept. 1 stocks figure, which becomes the USDA's official ending stocks figure for the 2019/20 marketing year.
CHICAGO: Chicago Board of Trade corn futures rose nearly 4% on Wednesday after the US Department's estimate of US Sept. 1 corn stocks fell below the low end of trade expectations, indicating tighter-than-expected supplies.
CBOT December corn settled up 14-1/4 cents at $3.79 per bushel after reaching $3.82-3/4, the contract's highest since March 6.
The USDA reported US Sept. 1 corn stocks in all positions at 1.995 billion bushels, below a range of analyst expectations.
The Sept. 1 stocks figure, which becomes the USDA's official ending stocks figure for the 2019/20 marketing year, also fell well below the USDA's last 2019/20 corn ending stocks forecast of 2.253 billion bushels.
The US Energy Information Administration said weekly production of corn-based ethanol fell in the latest week to 881,000 barrels per day, while stockpiles fell to 19.691 million barrels, the lowest since January 2017.
Ahead of Thursday's weekly USDA export sales report, traders expected the government to show US corn sales in the week ended Sept. 24 at 800,000 to 1.4 million tonnes.