Corn prices continue to be supported by expectations that the USDA will reduce the forecast size of the 2010 U.S. crop and by a rapid pace of ethanol production. The rate of exports and export sales has been somewhat disappointing, according to University of Illinois agricultural economist Darrel Good. "Reported expectations for the Nov. 9 USDA Crop Pro duction report are for a slightly lower yield and production forecast, with the average yield guess reported at 154.4 bushels. The October forecast was 155.8 bushels. A smaller production forecast without any change in the consumption forecasts would further reduce the expectations for the size of year-ending stocks." A 114-million-bushel reduction in the forecast of crop size, as implied by a yield of 154.4 bushels, would reduce the projection of year-ending stocks to 788 million bushels or 5.8 percent of projected consumption. Ethanol production during the first nine weeks of the 2010-11 corn marketing year averaged 36.344 m...
Commodity reports and news related to the marketing of produce and other goods.