Outlook

The USDA’s June supply-demand report decreased the expected size of the 2013 corn crop, but using a reduced national yield estimate, not the expected reduction in acreage. USDA statisticians are not yet ready to quantify barren corn acres just yet, and may wait until the June 28 planted acreage report. Nevertheless, the lower production did not impress the traders and new-crop corn contracts reflected the disappointment of the market....More

The corn market appears to be having difficulty anticipating the likely size of the 2013 U.S. corn crop. Over the past three weeks, December 2013 corn price futures have traded from a low of $5.12 to a high of $5.735 as production expectations continue to unfold, according to Darrel Good, a University of Illinois agricultural economist....More