Corn Futures PricesFri, Aug 1st, 2014
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Corn futures closed 3 to 4 cents lower on the day. The International Grains Council raised its forecast for global corn production in 2014/15 on Thursday in order to reflect favorable crop conditions thus far in the United States growing season. The updated forecast of world corn production was for 969 million tonnes, Up six MMT from the previous projection, but still 5 MMT shy of the record production last year. The USDA’s Foreign Agricultural Service in Moscow raised its total Russian grain production estimate for 2014/2015 by 2MMT. Trade estimates for the USDA weekly export sales report were in the 800,000 MT to 1.2 MMT range, with 300-450,000 MT expected to be old crop. USDA pegged the actual figure at 1.267 MMT, 86% was for new crop.
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