CBOT corn hits multi-month high after USDA lowers harvest outlook
CHICAGO, Nov 8 (Reuters) -Chicago Board of Trade corn futures touched more than a four-month high on Friday after the U.S. Department of Agriculture lowered its U.S. harvest outlook for the crop more than expected, traders said.
The corn harvest was 15.143 billion bushels, with an average yield of 183.1 bushels per acre, compared to the agency's October estimates for 15.203 billion bushels and yields of 183.8 bushels per acre, it said in a monthly report.
Traders booked profits ahead of the weekend, adding pressure to futures.
Corn futures have also been supported by a flurry of export sales.
Private exporters sold 200,480 metric tons of U.S. corn to unknown destinations for 2024/25 delivery, the USDA said.
Dry weather in Argentina, one of the world's largest corn producers, is expected to add stress to the country's corn crop.
CBOT most-active December corn CZ24 ended 3-1/2 cents higher at $4.31 per bushel, settling up 3.5% for the week. It reached its highest price since June 28.
Reporting by Heather Schlitz; Editing by Paul Simao
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
