Surprisingly low crop estimates for US corn

At the CBoT, corn futures are firmer this morning and prices are already rising for the second week in a row. This is supported by a surprise decline in USDA's crop forecast yesterday.
So far this week, corn prices rose 0.7%.
The USDA lowered its forecast for US corn production and final stocks against market expectations. The result was rising prices with high sales.
The US corn crop was estimated at 14.778 billion bushels, based on an average yield of 180.7 bushels per acre (bpa). In September, the crop estimate was still at 14.827 billion bushels.

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