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U.S. corn futures popped to a seven-week high on Tuesday as a report on crop conditions and scouts for the Pro Farmer Midwest Crop Tour raised concerns that the size of the U.S. harvest will fall below expectations.
Corn for December delivery (C_1:COM) closed +4.2% to $6.55 1/4 per bushel on the Chicago Board of Trade, while November soybeans (S_1:COM) settled +1.8% to $14.61 per bushel and December wheat (W_1:COM) ended +1.6% to $8.00 1/2 per bushel.
ETFs: (NYSEARCA:CORN), (SOYB), (WEAT), (DBO), (MOO)
Reports from the western leg of the Pro Farmer crop tour showed surprising dryness, including a forecast for South Dakota corn yields at 118.45 bushels/acre, the worst on the tour since 2012.
On the eastern leg of the tour, reports said Indiana’s corn crops looked consistent, but excess rainfall damaged the development of corn and soybeans in Ohio while causing rough yields to come in below last year’s levels.
Condition ratings for corn and soybeans declined in the latest week, the U.S. Department of Agriculture reported after the market closed on Monday.
The recent selloff in the Teucrium Corn Fund (CORN) ETF may have provided a buying opportunity with room for a rebound in global demand expectations, BOOX Research writes in a bullish analysis posted recently on Seeking Alpha.
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