Chicago corn futures traded at $5.3 a bushel, on expectations that higher costs of wheat would push more feed demand towards corn. On Thursday, the USDA reported US corn export sales in the week ended September 9th were 248,900 tonnes, below expectations. Meantime, forecasts for rains in northwestern portions of the US Midwest could improve production prospects after in August the US government slashed its outlook for domestic corn production by 2.7% due to dry soils in key western growing regions.
The USDA in its August WASDE forecast US soybean carryover on Sept. 1 at 160 million bushels, up 25 million bushels from the July forecast based on a 15-million-bushel decline in crushings and a 10-million-bushel decline in exports. Carryover on Sept. 1, 2022, was unchanged from July at 155 million bushels as lower supplies in 2021-22 were offset by lower crush and exports.
Description
Prices on 2021 harvest-time futures contracts are above $6.00 per bushel for corn and $14.00 per bushel for soybeans, well above most prices since 2013. Some farmers express concerns about price declines. Using a farmdoc web-based tool, we were able to arrive at a market-based assessment of potential price declines. This tool indicates a 9% chance that corn prices will decline by more than $2.00 per bushel and a 20% chance of soybean prices declining by more than $2.00 per bushel. Current market conditions indicate higher probabilities of price declines than implied by historical deviations. Still, there are excellent chances of higher-than-average prices this fall, and chances of much higher prices if yields shortfalls occur.
Features
yellow maize is a variety of sweet corn. Its ears are wrapped in tightly bound lime-hued husks with silks and a tassel that extend out from the tip. Freshly harvested yellow corn at its peak ripeness is sweet, offering flavors of almond and sugar, the kernels so succulent, the skin pops as you bite into it. As the corn matures, the kernels lose their milky consistency giving way to a starchy and doughy consistency. At this point, the corn is considered a grain crop and is best suited for processing or feedstock
Specifications
Product : yellow corn,
Colour: yellow
Moisture: 14 % max .
Admixture: 1 % max .
Protein: 8- 9 % max.
Packing detail: 1t big bags or bulk
Aflatoxin: 20 to 30 ppm
Prices of Corn
$80.00 – $100.00/ Metric Ton