Corn prices traded near their highest levels in about a week Wednesday, after the U.S. Department of Agriculture forecast smaller global corn production for the current crop year. "The fact that China and the U.S., the world's two largest producers of corn, are both projected to produce less corn this year, even while global demand for corn is set to rise by a full [1%] to a new record, is what is causing the immediate upward price move in the corn markets," said Sal Gilbertie, president and chief investment officer at Teucrium Trading LLC. The USDA forecast U.S. corn production at 357.3 million metric tons for the 2017/2018 crop year, down from 384.8 million the previous year. Chinese corn production is also forecast to drop to 215.0 million metric tons from 219.6 million the prior year. World corn production is seen at 1.03 billion metric tons, down from 1.07 billion a year earlier, according to USDA data. July corn rose 1.8% to $3.73 a bushel.
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