Friday’s USDA reports caught traders off guard. Expectations for larger corn supplies were dashed when the USDA cut its projected yield for the 2013–2014 U.S. corn crop from 160.4 to 158.8 bushels per acre, reduced the estimated crop size by a half-percent to 13.925 billion bushels, and raised projected corn usage. That said, the crop is still the largest by far on record, besting the previous record crop of 2008–2009 by 6.3 percent. Chicago corn futures, which had traded ...
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