Commodities
Corn Prices Plunge to Five-Week Low Amid Bearish USDA Report
Corn futures plummeted to a five-week low after a bearish USDA report revealed that U.S. corn stocks in all positions came in 177 million bushels above the average pre-report trade estimate.
The quarterly grain stocks report showed that total corn stocks at 2.095 billion bushels are up 544 million bu. (35.1%) from year-ago, and up 173 million bushels from the most recent WASDE estimate for ending stocks.
Corn stored on-farm totaled 787 million bu., up 144 million bu. from year-ago (22.4%), while corn stored off-farm totaled 1.307 billion bu., up 399 million bu. (43.9%).