Confidence about the U.S. government noting the nation's crop is bigger than previously estimated tugged down corn futures on Friday, according to Bloomberg.
The U.S. Department of Agriculture is slated to release a follow-up to September projections on Friday, which Bloomberg-polled economists project to be 1.3 percent higher and amount to 14.029 billion bushels. That would be 30 percent bigger than the crop from last year. The agricultural commodity has dropped 40 percent thus far this year in the aftermath of last year's drought.
"Corn prices will likely continue their gradual drift lower," states a Friday report authored by analyst Chris Gadd with Macquarie Group Ltd. in London, according to Bloomberg. "We expect the USDA to increase corn and soybean yields, raising corn production to record levels."
At 9:44 a.m. on Friday, corn futures edged down 0.12 percent, a 0.005-cent slip to $4.20 per bushel.
Reuters reports the U.S. Agriculture Department said on Thursday that export sales of the agricultural commodity amounted to 1.72 million tons during the most recent reporting week, pushing past projections that reached as high as 1.3 million tons.
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