Corn Rolling Over After Huge Run Up in Prices (CORN)
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Teucrium Corn Fund (NYSE: CORN) is pulling back today after a huge run up in corn prices this month. The pull back comes following the release of a government report today that cut the forecast corn harvest by 12 percent. The report said inventories will be smaller than forecast in June, as the worst Midwest drought since 1988 erodes prospects for a record crop.
Farmers will harvest 12.97 billion bushels (329.45 million metric tons), down from a June prediction of 14.79 billion, the U.S. Department of Agriculture said today in a report. Analysts expected 13.534 billion, based on the average of 14 estimates in a Bloomberg survey.
After an initial spike, corn futures traded down due to profit taking following a huge run up in corn prices. Several analysts have stated that they now believe the reduction in yields caused by crop damage is priced in.
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Farmers will harvest 12.97 billion bushels (329.45 million metric tons), down from a June prediction of 14.79 billion, the U.S. Department of Agriculture said today in a report. Analysts expected 13.534 billion, based on the average of 14 estimates in a Bloomberg survey.
After an initial spike, corn futures traded down due to profit taking following a huge run up in corn prices. Several analysts have stated that they now believe the reduction in yields caused by crop damage is priced in.
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