Weekly Market Review: Corn plumbs new low after stock rethink
Thursday April 04 2013
CORN (maize) values at the Chicago Board of Trade lost ground to nine-month lows in the week to Wednesday due to large domestic supplies, as reported by the USDA, and the possibility of record large acreage this spring in the US.
The USDA, in its March 28 report, projected that old crop corn supplies in the US were sitting at 5.40bn bushels, which was well above pre-report expectations in the 5.0bn bushel range. This was due to weak ethanol demand, as well as from the domestic and export arenas.
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