By Commodity News Service Canada
WINNIPEG, Sept. 13 (CNS Canada) – The United States Department of Agriculture’s global supply and demand report for September boosted average yields for corn production from the August report, further pointing to increased availability for feed use. Overall, coarse grain production was lifted to 1.317 billion tonnes, up by 2.4 million tonnes.
As well, USDA reported corn production outside the U.S. was on the way down, with reductions for Ukraine, the European Union, Russia and Serbia, which will offset production increases in Argentina and Mexico.
Few markets analysts are holding out hopes for any sustained rally in corn markets, following USDA’s upward revision of corn yields and a supply carry-out of 2,335 billion bushels, which is up from its previous report of 2,273 billion bu. and above industry expectations of 2,133 billion bu.
However, contrary to the bullish predictions, at least for the time being, corn futures held steady at the Chicago Board of Trade today.
The December, March and May contracts were all unchanged. December settled at US$3.51.5 per bushel, March settled at US$3.63.75 per bu. and May settled at US$3.72 per bu.