CBoT Corn Futures: Traders Beware of USDA Report

Ahead of today's USDA report, many traders are closing out their exposure to CBoT corn futures. Therefore, prices are stagnating this morning.
Traders in Australia write this morning that "everyone is waiting for the USDA report". The report will indicate high stocks and no one wants to be caught off guard. In addition, traders expect US corn yields to be very good again. One speaks of 180.5 bushels per acre.
But not only the USDA report will influence the further development of the corn exchange rate, because a hurricane in Iowa, the US state with the largest corn cultivation area, caused great damage. Nobody can foresee the extent yet. The next crop rating next Monday may provide information about this.
In Argentina, the corn fields are now being sown for the 2020/21 harvest. The planned cultivation area of 6.3 million hectares is similar in size to last year.

Hansa Terminhandel GmbH
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