Corn could see market push after USDA report

The corn market could see a small push after the U.S. Department of Agriculture (USDA) reduced its corn production estimates in its latest World Agricultural Supply and Demand Estimates (WASDE) report, the American Farm Bureau Federation (AFBF) said last week.

With corn and soybean production continuing to see high returns, even higher production estimates were expected from the USDA’s report last week. Instead, corn production estimates dropped to 14.407 billion bushels from last month’s projection of 14.475 billion bushels. The projected price for corn was raised 10 cents to $3.20 to $3.50 per bushel.

"This is positive news for the market overall as we’re expecting demand to rise to meet these record yields," AFBF Deputy Chief...

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