Corn surges as USDA makes bigger-than-expected cut to U.S. yield

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Or sign-in if you have an account.The USDA estimated the U.S. corn yield at 180.7 bushels per acre, down from 183 last month and off sharply from last year’s record of 186.5. Photo by JOEL SAGET/AFP via Getty ImagesCorn futures soared by the most since June after the United States Department of Agriculture delivered a bigger-than-anticipated reduction in the yield for America’s top crop.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountFutures climbed by as much as 4.1 per cent in Chicago, before paring gains. Grain prices were already rising earlier Wednesday with an attack on a key Russian grain port adding to concerns that an escalating conflict between Ukraine and Russia will disrupt exports from the Black Sea region.Heat waves across the Northern Hemisphere in recent months have been stressing grain fields, prompting analysts to cut back harvest estimates in the U.S. and across much of Europe.SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of FP West: Energy Insider will soon be in your inbox.We encountered an issue signing you up. Please try againThe USDA estimated the U.S. corn yield at 180.7 bushels per acre, down from 183 last month and off sharply from last year’s record of 186.5. Still, production will rise slightly to 16.013 billion bushels, the second-biggest U.S. harvest ever as some states including top grower Iowa will have record yields, according to the agency’s monthly outlook.The U.S. agency has been aiming to improve its analysis, including use of satellite imagery and their own field checks to supplement tens of thousands of surveys sent to farmers, who have been replying less often to those inquiries.The USDA also raised its acreage forecast for corn. That marks a change from last season, when a major revision was made in January. That may help improve the standing of the forecast, after reports a year ago and in January sent corn prices crashing.“This re-vamped survey methodology found more acres, earlier,” Bloomberg Intelligence analyst Alexis Maxwell said. “For a market still stung by last year’s multiple, late-in-season revisions, this report marks initial steps into revitalizing confidence with USDA forecasts.”—With assistance from Dominic Carey.We apologize, but this video has failed to load.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.