Grains Retain Advancements to Mark Week's Close
The United States Department of Agriculture (USDA) is set to release updated data on the US corn crop next Friday, adding to the anticipation in the agricultural market.
According to financial services and commodities company StoneX, the production is estimated to reach 16.577 billion bushels. This figure has been a topic of interest among traders, as it could potentially impact the prices of corn futures.
Currently, corn futures on the December contract are maintaining strength above the $4.20 level, a sign of market optimism. The near-term and Cash Corn prices are also reflecting this trend, with the nearby Cash Corn price currently at $3.77, up 2 cents, and the Sep 25 Corn at $4.03 1/4, up 3 1/2 cents.
The CmdtyView national average Cash Corn price is also on the rise, currently at $3.77, up 2 cents. This upward trend in prices could be attributed to various factors, including weather conditions, export sales, and global demand.
Speaking of export sales, this morning's data showed net reductions of 280,943 MT for old crop corn. This falls between estimates of net reductions of 400,000 MT to sales of 100,000 MT.
In other news, the US/Japan trade deal was finalized on Thursday afternoon, with Japan committing to increase purchases of US agricultural goods, including corn, by $8 billion per year. This development is expected to further bolster the US corn market.
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Meanwhile, StoneX has also revised its estimate for the US corn yield, estimating it at 186.9 bushels per acre, a drop of 1.2 bushels per acre from the August estimate.
As we await the USDA's official data next week, the corn market continues to show signs of robustness. For investors and traders, this could present both opportunities and challenges.
It's worth mentioning that Austin Schroeder, the author of this article, has no positions in any of the securities mentioned. As always, it's advisable to conduct thorough research and consult with a financial advisor before making any investment decisions.
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