Commodity Futures Trading

[DiscoverGold]

Corn futures set for lowest finish in over two weeks on rise in planted acres
By: MarketWatch | June 28, 2019

Corn futures dropped Friday, setting prices up for their lowest settlement in over two weeks after a report from the U.S. Department Agriculture showed a higher-than-expected estimate for June corn acreage plantings. "The markets were definitely surprised by the extent to which the promise of government subsidies, that were contingent upon farmers actually planting a crop versus taking 'prevent plant insurance' motivated farmers to plant corn," said Sal Gilbertie, president and chief investment officer at Teucrium Trading. "The fact that farmers seem to have planted more corn acres than last year [was surprising as the market] had priced in far less corn acres due to bad weather in the farm belt," he said. "The temporary limit-down price action feels like short-term traders exiting positions until future crop reports clarify the extent to which yields will be affected by the persistent poor weather conditions endured by farmers this spring," said Gilbertie. The most-active December corn contract CZ19, -3.71% fell 17 cents, or 3.8%, to trade at $4.34 a bushel in Chicago.

Read Full Story »»»

• DiscoverGold