USDA retracts agricultural export data after flawed release puzzles traders (NYSEARCA:CORN)
Grain futures fell at the Chicago Board of Trade on Thursday after the US Department of Agriculture’s weekly export sales report confused traders; the USDA retracted the data after markets closed.
In his retraction, the USDA said a new system for publishing the weekly report encountered “challenges that affected the physical release of export sales data as well as the quality of the data.”
Among the data that confused traders was soybean export sales from the upcoming harvest which totaled 4.7 million metric tons, nearly 4 times higher than analysts’ highest estimate. .
In Thursday’s CBOT trading, December Wheat (W_1:COM) took hold -3% at $7.89 a bushel, November soybeans (S_1:COM) ended -1.8% at $14.31 1/4 a bushel, and December corn (C_1:COM) closed -1.1% at $6.50 a bushel.
AND F : (NYSEARCA: WEAT), (NYSEARCA:SOYB), (NYSEARCA: CORN), (BOD), (OOM)
Meanwhile, preliminary data from Pro Farmer’s crop tour showed corn yields in Iowa – the top corn-producing state in the United States – averaging 198 bushels/acre, above 190, 7 bushels/acre from last year and the three-year average of 183.8 bushels/acre.
Corn and soybean crops are showing good potential from the first three days of the tour due to erratic rains in the eastern Corn Belt, according to Bloomberg.
“We can see a very strong corn crop, especially as we head north with heavy cobs,” said Brian Grete, editor of the Pro Farmer newsletter.
The recent sale of the Teucrium Corn Fund (CORN) ETF may have provided a buying opportunity with room for a rebound in global demand expectations, writes BOOX Research in a bullish analysis published recently on Seeking Alpha.