CBOT Corn futures rise as USDA shows smaller US stocks than expected

May 10, 202419:31 UTC

Chicago Board of Trade (CBOT) corn futures ended higher on Friday, after the U.S. Department of Agriculture forecast of U.S. ending stocks fell below trade expectations.

U.S. corn stocks for the 2024/25 marketing year were projected at 2.102 billion bushels, a six-year high, up from 2.022 billion for 2023/24, USDA said in its monthly World Agriculture Supply and Demand Estimates report.
Analysts expected 2024/25 stocks at 2.284 billion, according to the average of estimates in a Reuters poll.
Most-active CBOT July corn (CN24) settled up 13-1/4 cents at $4.69-3/4 per bushel. The contract marked its third straight weekly advance.
Dry weather will accelerate U.S. seeding, an analyst note said.
South Korea's Major Feedmill Group (MFG) purchased an estimated 132,000 metric tons of animal feed corn in a private deal on Friday without issuing an international tender, European traders said.
China's agriculture ministry cut its forecast for imports of corn, soybeans and cotton in the 2024/25 crop year in its May outlook released on Friday.
Dallas Federal Reserve President Lorie Logan on Friday said it's not clear if monetary policy is tight enough to bring inflation down to the U.S. central bank's 2% goal, and it is too soon to be cutting interest rates.