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June 10, 2021, 1:22 p.m. EDT · CORRECTED

Corn futures on track to settle at highest in nearly a month as USDA cuts U.S. ending stocks estimate

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By Myra P. Saefong

Corrects the percentage move for corn futures and updates to include mention of soybeans.

Corn futures were headed for their highest finish in nearly a month on Thursday after the U.S. Department of Agriculture lowered its forecast for U.S. corn ending stocks for the 2021/2022 marketing year by 150 million bushels from the May estimate, or roughly 3.81 million metric tons. The USDA's forecast shows 2021/2022 corn ending stocks at 34.47 million metric tons, down from the previous forecast of 38.28 million metric tons. Corn ending stocks came in below trade expectations so corn bulls did have "some encouragement" from the report, lifting prices, said Sal Gilbertie, president and chief investment officer at Teucrium Trading. Still, "markets may have to wait for some weather news to get much above $7 for any prolonged period of time," he said. "It is weather from this point forward that will move corn prices." The most-active July corn contract was up 20 cents, or 2.9%, at $7.10 3/4 a bushel. Prices haven't settled above $7 since May 12, FactSet data show. Soybean futures edged lower, with the July contract down 14 1/4 cents, or 0.9%, at $15.48 1/4 a bushel. The USDA raised its forecast for U.S. soybean ending stocks by 15 million bushels, but that's "still a tight soybean market based on expectations," said Craig Turner, senior commodities broker at Daniels Trading.

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