FX.co ★ Corn Rebounds form 3-Month Low After WASDE

Corn futures rebounded to $4.50 per bushel from a three-month low of $4.40 on November 9th, after the USDA’s WASDE report signaled a tighter US supply outlook. End-of-marketing-year US corn stocks are now projected at 1.758 billion bushels, down from last month’s estimate of 1.849 billion, reflecting a cut in expected production to 15.89 billion bushels from 16.03 billion. Meanwhile, the US corn harvest was 81% complete as of November 8th, five percentage points below the five-year average, as wet conditions slowed fieldwork in key producing states such as Iowa. These factors helped curb the recent slide in corn prices, which had been partly driven by lower fuel costs amid renewed optimism over diplomatic progress in Iran, weighing on ethanol demand.