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Roundup: CBOT agricultural futures rally on bullish stocks, seeding report Xinhua 04 Jul 2021, 06:18 GMT+10 CHICAGO, July 3 (Xinhua) CBOT agricultural futures rallied strongly last week on bullish U.S. Department of Agriculture (USDA) stocks/seeding report. Chicago-based research company AgResource stays bullish amid rising post pandemic demand and lasting drought in U.S. Northern Plain and Northwest Midwest. CBOT corn futures ended sharply higher as USDA Stocks & Seedings data confirmed that perfect Plains/Midwest weather is needed in July/August to keep U.S. corn end stocks above 1,000 million bushels. Tightening old crop stocks and record new crop demand require a yield of 180 bushels per acre to push 2021-2022 U.S. corn end stocks above 1.0 billion bushels. Such a yield is unlikely as drought/heat into pollination has pulled the top end of 2021 U.S. corn yields. And Brazil s winter corn crop suffered a damaging hard freeze which looks to pull its t ....
[Listen] Gordy USDA Acres and Grain Stocks Report Corn Up Limit power96radio.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from power96radio.com Daily Mail and Mail on Sunday newspapers.
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Since December, numerous rumblings have inferred U.S. corn exports were too low. At that time many had projected U.S. corn exports would be increasing 200 million to 300 million bushels with corn ending stocks shrinking a similar amount. The frustration has been high as USDA seemed stuck in a rut with the January, February, and March WASDE reports unchanged. At those times a common thread suggested USDA was merely “punting,” kicking the can down the road waiting for more information in particular to South America corn production in Brazil and Argentina. Last month China purchased 4 million tons, or 157 million bushels of U.S. corn. Yet, corn prices were unable to break above the highs seen in early February. In February and March, both corn and soybeans were firmly entrenched in a sideways price pattern. The March 31 USDA Perspective Planting Report was a bullish surprise, a game changer which had both corn and soybeans locked up their respective daily limits of 25 cents ....