Weekly review of US corn spot market
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Last Update: 2002-06-10
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Source: Internet
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Author: User
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Introduction: kancheng June 7 news: CBOT July corn futures decreased by 7.25 cents compared with last week, mainly due to weak export demand, and new grain production is favored by the market The average truck basis premium for spot corn and sorghum was 0.5 cents to 0.75 cents higher than last week, but the fact is that farmers' spot corn sales to major acquisition sites increased 82% to 876000 bushels Heavy rains in Iowa, Illinois and Ohio basins this week flooded large areas of major farmland, temporarily tightening grain supply Some roads are closed because of the flood, granaries are surrounded by the flood, and grain transportation in the central and western regions is seriously affected But experts say they don't think the strong base will last Murphy said that due to the huge ending inventory of corn, it is difficult to narrow the basis significantly in the summer months In the next three months, there will be enough old corn on the market to meet the demand.
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