US corn futures tumbled for the second day in a row on Friday after a US government report showed that corn stocks were much higher than the market had expected and farmers planted the crop on a bigger area than anticipated.
The harvest month December corn contract dropped over five percent on Friday to US$5.87 per bushel, adding to Thursday's tumble and taking the contract's two-day fall to nearly 10 percent.
"I think the whole market is confused about the UDSA (U.S. Department of Agriculture), supply and demand report," said Chris Kochnaski, a senior trader at Australia's Emerald Group.
"There are probably some factors that could keep markets bothered such as likely Black Sea exports again and if weather in the northern harvest goes smoothly it is likely to put pressure on Aussie feed wheat," said Mr Kochanski.
The harvest month December corn contract dropped over five percent on Friday to US$5.87 per bushel, adding to Thursday's tumble and taking the contract's two-day fall to nearly 10 percent.
"I think the whole market is confused about the UDSA (U.S. Department of Agriculture), supply and demand report," said Chris Kochnaski, a senior trader at Australia's Emerald Group.
"There are probably some factors that could keep markets bothered such as likely Black Sea exports again and if weather in the northern harvest goes smoothly it is likely to put pressure on Aussie feed wheat," said Mr Kochanski.
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