Corn pares losses after USDA report
CORN•Key USDA corn and soybean estimates
- Farmers are estimated to harvest 15.8 billion bushels of corn this autumn, with an average yield of 178.5 bushels per acre.
- In August, USDA projected corn production at 16.013 billion bushels, with an average yield of 180.7 bushels per acre.
- Some traders projected that USDA may lower its crop estimate further in future reports.
- Analysts expected a corn crop of 15.785 billion bushels and a yield of 178.2 bushels per acre.
- Lower estimates for corn production could help support prices. September is the first month each year in which the USDA's statisticians use field samples to determine corn and soybean yields, in addition to farmer surveys and satellite data.
- The USDA raised its season average price by 30 cents a bushel for corn and 60 cents for soybeans in its report.
Corn futures react to USDA supply cut
CHICAGO, Sept. 11 (Reuters) - Chicago Board of Trade corn futures briefly turned higher after a U.S. Department of Agriculture report on Friday before later paring gains. The USDA lowered its estimate for the nation's corn harvest after summertime heat led to concerns about crop damage.
