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Corn futures turn higher as USDA forecasts lowest U.S. production in 4 years

June 14, 2019

Corn futures turned higher Tuesday after the U.S. Department of Agriculture’s World Agricultural Supply and Demand Estimates report said U.S. corn production for the 2019/2020 marketing year is forecast to decline by 1.4 million bushels to 13.7 billion, which would be the lowest since the 2015/2016 marketing year. “U.S. corn will be in short supply, but emotions, fears, and hoarding could push it to shortage,” said Ned Schmidt, editor of the Agri-Food Value View Report. July corn CN19, +1.98% was at $4.24 1/2 a bushel, up 8 3/4 cents in Chicago.

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