11 Jul '12, 4pm

USDA slashes projections for corn production; prices spike

USDA slashes projections for corn production; prices spike

The worst drought in a quarter century will slash corn yields across the U.S. Midwest by much more than most analysts had expected, the government said on Wednesday in a report that reignited a record rally in grain prices. The U.S. Department of Agriculture said the crop will average just 146.0 bushels an acre, down 20 bushels from its June estimate. As a result, USDA reduced its forecast for corn ending stocks by 37 percent from last month, partly offset by lower exports and less ethanol usage. The surprisingly deep cut to the yield outlook sjolted [sic] traders, who had expected the USDA to take a more conservative approach to adjusting its outlook. The reduction in ending stocks was deeper than the 32 percent cut expected by analysts. Corn on the Chicago Board of Trade soared after the release of the report, with the December contract initially surged by 23 cents and s...

Full article: http://grist.org/news/usda-slashes-projections-for-corn-p...

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The 2012 Corn Crop and the Outlook for Ethanol ...

ethanolrfa.org 18 Jul '12, 11pm

Extreme hot and dry weather across much of the Midwest this summer has caused government and private analysts to significa...