U.S. corn futures trading slightly lower as traders wa it to get more information about the size of the harvest
--Traders to watch for Informa crop estimates on Friday and USDA's updated estimates next week
--Weak demand for corn continues to pressure prices
CHICAGO--U.S. corn futures are trading slightly lower Friday morning, continuing a week of choppy trade as market participants wait for more information about the size of the U.S. harvest.
In electronic trading, Chicago Board of Trade futures for December delivery are down 2 1/2 cents or 0.3% at $7.54 1/2 a bushel.
Informa Economics, a closely watched crop forecaster, is expected to release its latest production estimates for corn and soybeans at 11:30 a.m. EDT on Friday. The U.S. Department of Agriculture plans to issue its latest estimates in a new crop report on Thursday next week.
Traders will look to both sets of numbers--especially the USDA estimates--as potential price drivers, as traders say more information about the actual size of the U.S. corn harvest is crucial to determining how tight supplies will be in coming months.
Corn futures have traded in a small range this week, as many traders take a wait-and-see attitude.
"I'm not looking for a lot of action until Informa comes out, and once they come out I'm not looking for a lot of action until you get the crop report next week," said Sid Love, an analyst with advisory firm Kropf and Love Consulting in Overland Park, Kan. "The market is just waiting now."
Corn futures reached all-time highs in August as the severe U.S. drought withered crops and reduced expectations for supplies. Futures then fell for most of September as expectations for the crop improved slightly from abysmal levels, and as record prices cut into demand for corn. Managed funds also were selling futures as technical signals for corn turned negative...
Source: Argentine Beef Packers S.A.
Back to News Headlines