03 July 2013 20:49 [Source: ICIS news]
The USDA estimates that 97.38m acres of corn will be planted this year, the highest amount since 1936, when farmers planted 102m acres.
Prompt July corn futures were up by 13 cents/bushel week on week at $6.87/bushel. However, September corn futures, which have drawn the most market interest and volume, were down by 7% week on week, settling at $5.32/bushel on Wednesday.
An analyst said the corn futures market is forming a bottom, and favourable weather conditions indicate an upswing in prices is on the horizon.
Prices in the Midwest were down at $2.46-2.48/gal from $2.54-2.56/gal, and Chicago prices were down at $2.41-2.43/gal from $2.49-2.51/gal week on week.
Southern California spot prices fell to $2.63-2.64/gal from $2.70-2.71/gal, and New York Harbor prices were down to $2.51-2.52/gal from $2.52-2.53/gal the previous week.
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