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USDA Raises Forecast for Corn Supplies

Corn prices fell 0.2% to a one-month low after the USDA boosted its forecast for domestic supplies of the grain because of weak demand for exports.

 

Amid drought, USDA cuts corn crop estimate to 17-year low

Corn

The punishing Midwest drought is expected to reduce the nation's corn crop to its lowest level in almost two decades. On Friday, the U.S. Department of Agriculture cut its estimate for the corn crop by nearly 17% and raised the upper end of its price forecast by 39% to almost $9 a bushel. In its report, the USDA forecast the nation's corn yield to be about 123.4 bushels per acre -- the lowest level in 17 years.

 

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