Tuesday, October 14, 2008

Corn Futures Increase from News on Initial Government Injection of Capital into Banks

The emotional boost given by the announced plan of the U.S. government to take $250 billion of the $700 billion bailout and inject it into "healthy" U.S. banks, has caused many commodities to rise over the last couple days, but that will be short lived.

For corn, it partook in the overall boost by increasing by 6.75 cents for December delivery to reach $4.18 a bushel on the Chicago Board of Trade. Earlier in the day it was higher at $4.29 a bushel.

So far this year corn maturity has dropped significantly from last year, as a recent report from the USDA says, where as of October 5 it was only as 73 percent maturity, in contrast to last year during the same period where it was at 95 percent. Later today the U.S. Department of Agriculture will release their weekly crop report.

1 comment:

stormwire said...

For daily updates on the latest U.S. corn news, Mr. Nelson, visit stormwire.stormexchange.com. We cover the latest corn projections, prices and market factors impacting the crop. From harvest news to the latest on ethanol legislation, we cover most everything on corn.