17th September 2014
Corn futures have declined in commodities trading markets today (September 17th) for the first time this week, with demand for the contract dampened amid fresh estimates indicating production of the crop will reach a record high.
According to the US Department of Agriculture (USDA), American farmers are set to harvest 14.395 billion bushels this year. With the country's storage capacity reportedly limited to 13 billion bushels of corn and soybeans combined, the harvest is set to overwhelm producers.
The Farm Service Agency yesterday published a report showing 84.833 million acres of corn were planted during the season. This is up from the 83.321 million acres estimated in August and compares with the USDA's June forecast of 91.641 million acres.
On the Chicago Board of Trade, corn for December delivery declined by 0.7 per cent to $3.415 per bushel. This is the contract's first fall this week, having recovered from Monday's low of $3.3575 per bushel, which matched the weakest price recorded in four years.
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