New York, March 6 (alphajetsusa.com) – Corn fell for another time this week since snow in the US, the major producer, advanced hopes for the crop prior to the planting season that starts next month only.
The contract for May delivery was at $7.0825 in the morning and dropped as much as 0.4 percent to $7.0625 per bushel on the Chicago Board of Trade. When a study demonstrated that US inventories might be better than a government approximation previous month, futures increased by 0.8 percent on Tuesday, March 5, post dropping 0.7 percent two days ago i.e. on March 4.
Moreover, if to believe on a survey, then US corn stocks ahead of the 2019 harvest almost certainly will be superior than the government estimate previous month. Being high from 632 million expected by the USDA in the month of February, reserves will be 646 million bushels.
Besides, being up from 691 million estimate previous month by the USDA, US wheat inventories prior to the 2019 harvest will be 702 million bushels.
Post reaching an eight-month low of $6.975 on Monday, wheat for May delivery was slightly changed at $7.0625 per bushel. In addition to this, Soybeans for May delivery plunged 0.2 percent to $14.64 per bushel.
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