CBoT corn prices are rising this morning for the second day in a row and are already reaching a one-week high after the USDA gave the US field stocks worse than expected in its condition report yesterday. Doubts arise as to whether the high harvest forecasts can still be achieved.
However, traders in Australia do not believe in a sustainable price increase.
Yesterday the USDA rated 71% of the corn stocks in the fields in the USA as “good-to-excellent”. That is 1% less than last week and also less than the market had expected.
Tomorrow afternoon at 6:00 p.m. German time, the USDA will publish its highly anticipated WASDE report for the month of August. In advance, market participants assume that the supply from the USA will be very large. 
Source
Hansa Terminhandel GmbH
