Acreage report jump starts future corn prices

摘要

A SIGNIFICANTLY lower than expected corn stocks report this week sent corn prices up as much as 28 cents to about $3.53/bushel basis the Chicago Board of Trade’s July contract. The jump caught many speculators on the wrong side of the forward market, but is good news for fertilizer suppliers, facing a tough market despite relatively tight supply- demand balances in the US for some products. Previously falling corn and wheat prices have hurt prospects for summer fill sales, at least so far. The positive news came from the National Agricultural Statistics Service Acreage report. NASS is an agency of the US Department of Agriculture.