Corn prices were the worst-performing commodity of the year until just now.
The USDA’s WASDE report revised ending 2013/2014 corn stocks down 10 million bushels to 1.959 billion bushels, and lowered 2013/14 production estimates by 187 million bushels to 13.8 billion.
Analysts’ stocks estimate was for 2.21 billion. The estimate for production was for 14.1 billion.
So here’s the chart. Prices instantly spiked about 4.3% from $US4.58 to $US4.78, though have since come down a bit and now stand at $US4.70:
Yield is now forecast at 154.4 bushels per acre, is down 2.1 bushels from last month’s projection.
Bloomberg (via ValueWalk) had said short interest in corn had climbed by 100,000 contracts over the past two weeks.
So this may be a bit of a bloodbath for the corn bears.