USDA raises corn to record, a bearish surprise

The U.S. Agriculture Department bumped up its estimate for 2009 U.S. corn production to a new record on Tuesday, shocking traders who anticipated a decline after a difficult harvest.

The news sent Chicago futures prices plunging, with March corn CH0 locked down the daily 30-cent limit, or 7 percent, to $3.92-1/2 and January soybeans SF0 down 3.4 percent to $9.68 per bushel. [ID:nLDE60B1C2]

The corn crop was pegged at 13.151 billion bushels, up 230 million bushels from the government's last forecast and 330 million bushels higher than the average of analysts' estimates, 12.821 billion bushels. The USDA projection even topped the highest trade estimate of 12.996 billion bushels.

Read Full Article from Reuters

- Posted: 2010-01-12 11:51:05

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