Corn Fund Falls 2.9% After USDA Lifts Yield Forecast | Grains, Oct 9
The corn fund CORN fell 2.85% on 9 October after the USDA raised its US yield forecast to 181.2 bushels an acre. The post Corn Fund Falls 2.9% After USDA Lifts Yield Forecast | Grains, Oct 9 appeared first on The Rio Times .
U.S. corn prices slipped on Friday after the USDA upgraded its corn yield forecast in its monthly supply report, known as WASDE. The agency increased its prediction for the U.S. corn yield to 181.2 bushels per acre. As a result, the corn futures fund CORN declined 2.85% to $18.42 per bushel. Meanwhile, the soybean fund SOYB edged up 0.51% to $27.53.
With a larger U.S. corn crop and higher stocks, prices are pressured lower until demand increases. Brazil and Argentina's corn and soybean exports face more competition from the large U.S. crops, leading to lower export prices.
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