Photo: kee_xj via flickr
Corn futures ended up declining -2.23 per cent Friday despite a nasty USDA corn production report.September contracts ended the day at an even $8.00/bu after a wild day of trading that briefly saw a record-high print of $8.44.
Bullish trading ended up tempered by rising overseas production, especially in China where the USDA saw an 8.8 per cent increase in production.
Total use was also projected 1.5 billion bushels lower to 11.2 billion, a 6-year low.
Soybean prices were higher, however, as a last-minute rain rally failed to forestall a yield report that surpassed expectations.
Contracts closed up 1.15 per cent to $16.73 as soybean production was forecast at a five year low and soy yield per acre nearly a 10-year low.