Corn futures on track for first gain in 7 sessions as USDA cuts production forecast

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Corn futures rose on Friday, headed for their first gain in seven sessions, after a monthly report from the U.S. Department of Agriculture revealed a lower estimate for domestic 2019/2020 corn production. The USDA said corn production is forecast at 13.661 billion bushels for the current marketing year, down 118 million from last month’s estimate. The government agency also lowered its corn yield forecast by 1.4 bushels per acre to 167 bushels per acre. “The lowered corn yield did seem to put some support into intraday prices,” said Sal Gilbertie, president and chief investment officer at Teucrium Trading. “The global balance sheet is still tightening versus last year in corn,” he said. The most-active December corn contract rose 6 cents, or 1.6%, to trade at $3.81 1/4 a bushel in Chicago, headed for the first session gain since Oct. 30, according to FactSet data.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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