07 October 2010 17:25 [Source: ICIS news]
HOUSTON (ICIS)--US corn futures traded higher on Thursday ahead of the US Department of Agriculture's (USDA) October crop production report, which will be released on Friday.
Commodity grain traders and market analysts were betting that yield estimates for the 2010 corn crop would come in under the 13.1bn bushel estimate made by the USDA in September.
Analysts predicted that national corn production could fall to 12.9bn bushels, down from the earlier USDA estimate and the 2009 harvest of 13.11bn bushels. The lower levels would result from rains in September in northern areas of the corn belt.
In midday trading in the Chicago Mercantile Exchange’s (CME) corn pit, the price of December corn was up 10 cents/bushel from the prior day’s close to $4.98/bushel.
Analysts also predicted the USDA would report soybean production at lower-than-prior estimates.
On 10 September, USDA predicted soybean production at 3.48bn bushels, up from last year’s record of 3.36bn bushels.
Analysts speculated that production problems could drop actual production to 3.35bn bushels.
At the CME, soybeans were trading 6 cents/bushel higher than Wednesday at $10.68/bushel.
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