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Traders View

Date Added: 30/09/2011

USDA produce bearish corn stock figure

 

Oilseed and grain prices have continued to fall recently as bearish macro factors have impacted on the market. However oilseed rape prices have fallen at a slower pace than the other commodities as demand in the EU remains robust.

 

A surprisingly large stock of corn produced by the USDA on Friday coming in at 1128 million bushels compared to the average trade estimate of 964 million bushels has further exacerbated the bearish factors.

 

It is interesting that there was a widely held view that prices of corn and soya would need to stay strong in order to dampen demand. Now that prices have fallen it remains to be seen whether demand returns and prices recover.

 

Owen

 

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