13.
08.20
05:27

CBoT corn rates rise to 2 week high

This morning, CBoT corn futures prices are rising to their highest level in two weeks. Due to their short-covering, i.e. the closing out of sold futures contracts, there is a trend reversal on the stock market, although the expectation of a bumper harvest in the USA limits the market's imagination.
Traders in Singapore are advising their clients that the current price level of the CBoT corn futures offers a good buying opportunity.
Commodity funds were already among the big buyers of corn futures yesterday.
In its USDA monthly report WASDE, the USDA estimated that US farmers had probably produced their largest corn crop because the weather conditions had been ideal so far. The agency raised the estimate for the end-of-year inventory of corn in the USA, but the result is that the inventory is estimated to be smaller than the market had previously expected.
The USDA also advised that all estimates are based on August 1st data. Not included are the effects of a Derecho (widespread, long-lived, straight-line windstorm associated with a fast-moving group of severe thunderstorms) that occurred on Monday, which hit $ 10 million in the state of Iowa.acres of farmland and grain silos severely damaged.

Source
Hansa Terminhandel GmbH
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