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Corn declines to 3-year-low ahead of production estimates

7th November 2013

Corn has declined to its lowest level in three years in commodities trading markets today (November 7th), ahead of updated production estimates due to be released by the US Department of Agriculture (USDA) tomorrow.

Prices for the grain have plummeted by more than 40 per cent over the course of 2013, following last year’s drought, which was the most severe in almost 80 years.

The country is the world’s largest producer of the crop and it is expected this year’s harvest will be as much as 30 per cent larger than in 2012. The consensus estimate is for the updated forecasts to predict a total of 14.029 billion bushels.

Luke Mathews, a commodity strategist at the Commonwealth Bank of Australia, told Bloomberg: “Expectations that the USDA will make a sizable upward revision towards US corn crop estimates has been the primary factor weighing on that market.”

Corn for December delivery has declined to $4.2025 per bushel on the Chicago Board of Trade today, the lowest price seen since August 2010. 

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