Oilseed, feed grain futures sink as trade braces for report
Feedstuffs, November, 2004 by Gil Gullickson
Feed grain and oilseed futures sunk lower again last week as projected record corn and soybean yields continued to be harvested.
"While the farmer continues to be a relatively tight holder of inventory, there's no shortage of corn and soybeans," said Dan Zwicker, grain market analyst for AgriVisor, Bloomington, Ill. "I think the trade is starting to brace for another round of higher numbers as it looks ahead to the Nov. 12 (U.S. Department of Agriculture production) report."
Early private estimates pegged the U.S. corn crop between 11.5 billion and 11.8 billion bushels, straddling October's 11.613 billion projection by USDA. For soybeans, private estimates have ranged from 3.118 billion to 3.3 billion bushels, above USDA's October estimate of 3.107 billion....
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