Corn futures are pushing toward their worst January performance since 2010, which was not helped by an international council noting worldwide production of the commodity will achieve record levels, according to Bloomberg.
The International Grains Council forecasts a 0.9 percent increase as compared to what it stated this past November. For the crop year ending in 2012, global production of the commodity will rise to 860.8 million metric tons. But Reuters reports Argentina, suffering from a lack of rain, reduced farm area estimates that are likely to drive down the yields of corn.
"Most of Argentina should get 0.5 inch to 1.5 inches which will help relieve stress on crops, but it looks like it will turn dry again so more rains will be needed," meteorologist Andy Karst with World Weather told Reuters.
At 8:14 a.m. on Friday, corn futures gained 0.17 percent, a 1 cent uptick to $6.07 per bushel.
Despite increases of about 0.7 percent thus far this week, corn futures have sunk 6.6 percent during the month of January, according to Bloomberg.
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