USDA Forecast Projection Hampers Corn Futures (& Soybeans)

The prominent Iowa agri-business “INTL FCStone Inc. (INTL)” is predicting both domestic corn and soybean production will exceed the USDA forecast.   Corn and soybeans are the US’s biggest cash crops and continue to be the biggest export as well.

Not by much, but corn production is estimated to be 10.824B bushels compared to the USDA‘s 10.727B bushel forecast just last month.  For soybeans, they are looking at 2.849B bushels compared with 2.634B from the USDA.  Let’s look for an update to these numbers when the USDA releases its monthly crop production report one week from tomorrow (Oct 11th).

The trend for corn futures (& soybean futures) continues to be down, but a bounce higher is needed for me to feel better about jumping on-board with lower-risk.  Corn futures appear to be in a temporary “topping” formation now…

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