PJBROWN VT
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Farmers got more of this year’s corn crop planted last week, but still just 51% of the nation’s corn has been put in the ground, compared with a 5-year average of 77% for this date, USDA says. Over the last 5 years, one-third of the crop had already emerged at this point; this year just 11% is up. Cold, wet weather in the Midwest has delayed planting. Corn futures closed at new highs on Friday, but slipped back today. The nearby MAY08 contract is $6.03/bushel, down 15¢. Further out, the JUL09 contract reached $6.76 on Friday, but settled at $6.64 today.
USDA projects a smaller harvest in 2008/09, leaving ending stocks of just 763 million bushels, the lowest since 1996. Next year, nearly one-third of the corn crop is expected to go to ethanol, according to Friday’s “World Agricultural Supply & Demand Estimates” report. cme
USDA projects a smaller harvest in 2008/09, leaving ending stocks of just 763 million bushels, the lowest since 1996. Next year, nearly one-third of the corn crop is expected to go to ethanol, according to Friday’s “World Agricultural Supply & Demand Estimates” report. cme
