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2021-05-15 22:36:11 GMT2021-05-16 06:36:11(Beijing Time) Xinhua English
CHICAGO, May 15 (Xinhua) Chicago Board of Trade (CBOT) agricultural futures were in correction on profit taking in the past week following U.S. Department of Agriculture s (USDA) May World Agricultural Supply and Demand Estimates (WASDE) report.
But Chicago-based research company AgResource stays bullish of agricultural futures into August with lows in CBOT grain markets forecast in the week ahead.
CBOT corn futures experienced the first meaningful correction in 16 weeks. The correction was due amid historically overbought technical conditions. This is and will remain a big market, and AgResource warns of extreme volatility well into the end of summer. There are not many weeks in history where corn prices drop nearly 88 cents.
Afternoon Market Recap for May 11, 2021 farmprogress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from farmprogress.com Daily Mail and Mail on Sunday newspapers.
Suggested Event
Jun 15, 2021 to Jun 17, 2021
Many market commentators have noted that the May World Agricultural Supply and Demand Estimates (WASDE) report is traditionally a bit of a non-starter. But there is a lot of background noise that will underscore tomorrow’s report. New information will be added to the monthly report and the first concrete 2021/22 demand estimates will be released for markets to digest new crop demand potential – or rationing.
What changes are already known?
USDA will use March 31, 2021 Prospective Plantings data and trendline yields to estimate the size of the 2021/22 corn, soybean, and wheat crops. Rough production estimates are listed below.