Last week Sept 2013 (old crop) corn (CBOT:CU13) opened the week at $5.86 per bushel and closed the week at $5.47¼. Dec 2013 (new crop) (CBOT:CZ13) corn opened the week at $5.47½ and closed the week at $5.11. On Friday we saw a large drop in corn with Sept 2013 down $0.25. This was caused by the USDA Acreage report released that day confirming the U.S. corn acreage planted at 97.4 million acres, a slight increase from last year. This corn acreage is the highest planted since 1936 when an estimated 102 million acres were planted. For average yields far higher now than back in 1936, if all goes well with growing season the 2013 corn harvest will be the highest on record. Reported in the previous WASDE, if this is recognized then the world supplies of corn will be at 12-year highs.
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