U.S. farmers running out of opportunities to sell corn at profit

On July 02, 2017

U.S. farmers who have been holding out for higher prices for their corn may finally sell their grain below target levels in the next few weeks as a government report released on Friday underscores the huge supplies left in storage bins around the country, analysts said. The U.S. Agriculture Department said that farmers still had 2.841 billion bushels of corn in their storage bins as of June 1, the fifth most ever for that time period. It was the highest June 1 on-farm corn storage recording in 29 years and an indication that the market could remain under pressure until harvest.
Total corn stocks as of June 1 stood at 5.225 billion bushels, the third biggest ever for the period and the most in 30 years.
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The large stocks persisted even though farmers moved 2.067 billion bushels of corn out of their storage bins between March and June, according to the USDA. It was the third-largest removal of stocks for the period on record.