Crop rating: US corn stocks better than expected

The prices of the CBoT corn future gave up part of their strong gains from the August month this morning because the crop conditions are better than expected. That was reported by the USDA yesterday evening in a weekly report.
The rally in corn futures on the CBoT in August was mainly driven by fund purchases. Traders in Far East Asia are reminding us this morning that the global corn supply is very good and that there are no shortages anywhere.
The USDA gave 62% of the US cornfield crops the top grade “good-to-excellent” yesterday evening. That was 2% less than last week, but more than had been expected by market analysts.

Hansa Terminhandel GmbH
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