Corn futures may be headed higher as focus shifts to demand
Corn futures tumbled to their most reduced level of the month on Wednesday after the administration gauge that the yield year will end with the biggest loads of the product in about 30 years. Be that as it may, examiners see higher costs ahead with solid worldwide request set to drawdown supplies. The U.S. Branch of Agriculture on Wednesday said it expects U.S. corn stocks to end the 2016/2017 harvest year at 2.32 billion bushels, which would be their most elevated amount since the 1987/1988 yield year, as indicated by Sal Gilbertie, president and boss venture officer at Teucrium Trading LLC. The division's World Agricultural Supply and Demand Estimates report and the way that the U.S. corn reap is presently at its pinnacle pushed costs bring down Wednesday, he said. In the meantime, be that as it may, Gilbertie said U.S. "corn demand is the most astounding it has ever been ever," with the USDA determining all out residential request of 14.525 billion bushels. That "could bring about corn costs to balance out once reap season winds down," said Gilbertie. December corn CZ6, +0.36% fell by 2.5% to settle at $3.37 1/4 a bushel in Chicago. That is the least settlement for a most-dynamic contract since Sept. 30, as indicated by FactSet information.