ShapeShapeauthorShapechevroncrossShapeShapeShapeGrouphamburgerhomeGroupmagnifyShapeShapeShaperssShape

Corn price up sharply on lower USDA stock etsimate

by 5m Editor
14 May 2007, at 11:25am

NEW YORK - Cattle, hog and chicken producers were already complaining about the high cost of feed when the USDA released its corn crop stock report indicating yields would be down nearly 10.5% from analysts estimates. The news pushed corn futures on the Chicago Exchange up sharply.

May corn rallied 15 1/4 cents to $3.61 per bushel on the CBOT, while July surged 14 3/4 cents $3.69 1/4, and December gained 18 cents to $3.74 1/2.

Technical buying also added to the gains after July fell to six-month lows Thursday and settled below its 200-day moving average for the first time since September.

Source: Axcess News

5m Editor