.jpg)
1 hour ago
4
Article content
Corn futures soared by the most since June after the United States Department of Agriculture delivered a bigger-than-anticipated reduction in the yield for America’s top crop.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Futures climbed by as much as 4.1 per cent in Chicago, before paring gains. Grain prices were already rising earlier Wednesday with an attack on a key Russian grain port adding to concerns that an escalating conflict between Ukraine and Russia will disrupt exports from the Black Sea region.
Article content
Article content
Article content
Heat waves across the Northern Hemisphere in recent months have been stressing grain fields, prompting analysts to cut back harvest estimates in the U.S. and across much of Europe.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The USDA estimated the U.S. corn yield at 180.7 bushels per acre, down from 183 last month and off sharply from last year’s record of 186.5. Still, production will rise slightly to 16.013 billion bushels, the second-biggest U.S. harvest ever as some states including top grower Iowa will have record yields, according to the agency’s monthly outlook.
Article content
The U.S. agency has been aiming to improve its analysis, including use of satellite imagery and their own field checks to supplement tens of thousands of surveys sent to farmers, who have been replying less often to those inquiries.
Article content
The USDA also raised its acreage forecast for corn. That marks a change from last season, when a major revision was made in January. That may help improve the standing of the forecast, after reports a year ago and in January sent corn prices crashing.
Article content
“This re-vamped survey methodology found more acres, earlier,” Bloomberg Intelligence analyst Alexis Maxwell said. “For a market still stung by last year’s multiple, late-in-season revisions, this report marks initial steps into revitalizing confidence with USDA forecasts.”
Article content
—With assistance from Dominic Carey.
Article content
Article content
We apologize, but this video has failed to load.
Article content
English (US)