: Corn futures pare gains as USDA cuts its forecast for U.S. exports
Corn futures edged higher on Friday, but trade below the session’s best levels after the U.S. Department of Agriculture reduced its forecast for U.S. corn exports and raised its expectations for ending stocks for the 2022/2023 marking year. The government agency lowered its U.S. corn exports forecast by 75 million barrels, citing competition from other exports and “relatively” high U.S. prices. It also raised corn ending stocks by 75 million bushels. The most-active March corn contract CH23 rose 2 ½ cents, or 0.4%, to trade at $6.45 a bushel in Chicago after trading as high as $6.49 ¾. Next season, however, the U.S. “will have to begin rebuilding grain stocks in order to avoid further tightening of supplies from current levels,” said Sal Gilbertie, president and chief investment officer at Teucrium Trading “Any further deterioration of excess supply levels could heighten the potential for sustained food inflation, but it’s just too early to predict next year’s crop.”
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