Slash In Corn Yield Estimate Rallies Market On Open, Grains Drifting Lower At Mid-Day
Jul 11, 2012
We saw DEC '12 corn print a contract high of 748 this morning before being pressured lower. This morning's WASDE report was neutral to bullish for the grains, with the big number being the USDA corn yield forecast coming in at 146 bu./acre. A sub 150 yield has been largely priced into the market as DEC '12 corn has added $2 per bushel in recent weeks.
The grain complex has now turned negative on the heels of the USDA WASDE report. The screen capture below is from 12:00 Central, and corn is testing 700 on the DEC contract.
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GrainTV WASDE report analysis:
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