Friday CBOT Closing Comments: Corn
Corn stopped the rot closing around 4-6c higher despite a bearish slant to the USDA numbers.
For corn, the USDA estimated the U.S. 2007-08 carryout at 1.598 billion bushels, vs. its June estimate of 1.433 billion bushels, and the average trade estimate of 1.514 billion. For 2008-09, the USDA's corn carryout is pegged at 833 million bushels, vs. its June estimate of 673 million bushels, and the average trade estimate of 820 million bushels.
Almost as soon as it had been issued, the report was being dismissed as minor in comparison to the Aug 12 report which will more accurately reflect the impact of the recent Midwest flooding.
On the week as a whole cash US corn prices dropped a pretty steep 65 cents.
The last of nearly a dozen flooded navigational locks on the middle Mississippi River reopened to commercial traffic July 6, permitting a resumption of grain barge traffic to New Orleans-area export terminals.
For corn, the USDA estimated the U.S. 2007-08 carryout at 1.598 billion bushels, vs. its June estimate of 1.433 billion bushels, and the average trade estimate of 1.514 billion. For 2008-09, the USDA's corn carryout is pegged at 833 million bushels, vs. its June estimate of 673 million bushels, and the average trade estimate of 820 million bushels.
Almost as soon as it had been issued, the report was being dismissed as minor in comparison to the Aug 12 report which will more accurately reflect the impact of the recent Midwest flooding.
On the week as a whole cash US corn prices dropped a pretty steep 65 cents.
The last of nearly a dozen flooded navigational locks on the middle Mississippi River reopened to commercial traffic July 6, permitting a resumption of grain barge traffic to New Orleans-area export terminals.
