Corn falls for fifth straight session, dollar inches down

Economies.com
2018-10-19 20:22PM UTC

Corn futures fell nearly one percent in American trade off August 20 highs, while the dollar lost some modest ground, following earlier data from the US, the world's largest corn producer and exporter. 

 

As of 07:58 GMT, corn futures due in December fell 1.01% to $3.670 away from two-month highs, while the dollar index shed 0.18% to 95.75 away from week highs. 

 

US existing home sales fell 3.4% in September to an annualized 5.15 million units, compared to a 0.2% dip in August to 5.33 million, while analysts expected a 0.9% drop to 5.29 million units. 

 

USDA Reports Sales Figures

 

The US Department of Agriculture reported corn sales due for the new marketing year starting last month at 382.5 thousand tonnes in the week ending October 11, down a sharp 62% from the previous week, and 72% from four-week averages. 

 

Mexico came at the top with 162.5 thousand tonnes, followed by Colombia at 133 thousand, then Japan and Germany at 119.6K and 68.1K respectively. 

 

Earlier this month, the USDA reported 39% of corn harvest was finished in the US, up 5% from the previous week, and 4% from five-year averages. 

 

The USDA also reported inspections of 996.6 thousand tonnes of corn in the week ending October 11, compared to 1.38 million tones in the previous week, with total inspected product now amounting to 6.84 million tonnes, up from 3.91 million in the same period of last year. 

 

The USDA released its monthly report on global agricultural demand and supply, cutting forecasts for US corn output to 14.78 billion bushels from 14.83 billion in the September report, or to 180.7 bushels per acre from 181.3 bushels, while raising estimates for corn inventories to 1.81 billion bushels for the marketing year 2018-2019 from 1.77 billion bushels in previous forecasts. 

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