Corn sunk for a third day following information by the USDA that as of Sunday, May 19, 71% of the U.S. corn crop was planted. U.S. farmers planted the most ever in a single week. The number has almost reached the five-year average, which is 79% and it is a drastic improvement compared to the 21% planted crop in the preceding week.
Prices are down 0,4 for today after falling yesterday by 1.5%, the biggest decline since May 10. According to estimates of the USDA, production in the U.S. will reach a record level of 359,2 million tons and will push global output to 966 million tons.
Paul Deane, an agricultural economist at Australia & New Zealand Banking Group Ltd., said for Bloomberg: “The market is starting to price a reasonable crop globally for grains.” According to him corn may drop below $5 a bushel due to increasing production in Brazil, which competes the U.S.
Wheat futures closed yesterday at lowest level since April 2. Wheat gained today due to concerns that hot and dry weather will damage the winter-crop and advanced 0,4% to $6.835 a bushel.
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