USDA WASDE report: In yesterday’s WASDE report, the USDA lowered its corn yield estimate for the 2019/20 US crop from 176bu/acre to 166/bu/acre, which saw their production estimate for the season fall from 15.03b bushels to 13.68b bushels. This would be the smallest crop since the 2015/16 season and follows heavy rains in the US, which delayed plantings significantly. The cut was much bigger than most in the market was expecting, and explains the rally in the corn market following the release. As a result of the reduction, the USDA also estimates that 2019/20 global endings stocks will fall from a previous estimate of 314.71mt to 290.52mt- the lowest global stocks number since 2014/15.
The Commodities Feed: Corn output slashedJune 13, 2019 WallStreetDope
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