LOW CORN PRICE MAY HELP DAIRIES IN SHORT TERM
October 12, 2013
Corn Closed Friday at Its
Lowest Price in 37 Months
In news that could help the ailing California Dairy Industry, the Wall Street Journal reported TODAY that corn closed at its lowest price in 37 months as farmers speed the harvest of what is forecast to be a record crop, boosting availability for processors of food, ethanol and animal feed.
Wheat also declined while soybean prices gained slightly. U.S. corn growers are expected to harvest 13.8 billion bushels this year, the most ever, as yields increase by 26% to 155.3 bushels an acre, according to the Department of Agriculture.
Dry weather in the past week and little rain in the next 72 hours will allow farm-ers to accelerate the harvest, replenishing stockpiles for commercial users and exporters of the grain.
Yields for corn that has been harvested in the U.S. are also coming in better than forecast earlier this year, analysts said. Analysts surveyed by Dow Jones Newswires said they expect yields to total 156.8 bushels an acre, up from USDA's outlook.