: Corn futures on track to finish at their highest in a week, as USDA cuts U.S. production forecast

Corn futures headed higher on Thursday, on track to post their highest settlement in a week. In a monthly report, the U.S. Department of Agriculture forecast U.S. 2023/2024 corn production at 15.064 billion bushels, down 70 million on the back of a reduction in yield per acre. The biggest change was to old-crop stocks, said Darin Newsom, Barchart senior market analyst. The USDA lowered those stocks, which have already been harvested, by 91 million bushels and also reduced the 2022 harvest estimate by 15 million bushels, Newsom said. Domestic corn demand was increased by 78 million bushels, while feed demand was up by 124 million bushels, he said. The December corn contract CZ23 was up 7 ¾ cents, or 1.6%, at $4.95 ¾ a bushel. A settlement around this level would be highest for a most-active contract since Oct. 5, FactSet data show.

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