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Pacific Ethanol, Inc. (PEIX) Message Board

  • far_root far_root Mar 28, 2013 5:47 PM Flag

    Corn hits loss limit after inventory shock

    Prices for corn futures plunged by their daily limit on the Chicago Board of Trade Thursday as reports from the U.S. Department of Agriculture showed higher-than-expected stockpiles of corn. Other grain futures also tumbled on the inventories report.

    May corn CK3 -5.44% fell by the 40-cent limit for the session, or 5.4%, to a low of $6.95 a bushel. The price limit triggered a trading halt.

    Corn stocks on March 1 totaled 5.4 billion bushels, according to the USDA’s Grain Stocks report issued Thursday. That’s down 10% from a year ago.

    But the data came as a “big surprise” given average trade estimates of around 5 billion bushels, said Steve Kahler, chief operating officer at Teucrium Trading LLC. “Even though the stocks number is above the highest trade estimate, corn stocks are still 10% below last year’s level on the same report,” Kahler said. “The higher-than-expected stocks are a sign that prices have indeed rationed demand in the export, ethanol and to a lesser degree, the feed sector.”

    In a separate report, the USDA said corn growers intend to plant 97.3 million acres of corn in 2013. That would be the most since 1936, according to DTN.

    Sentiment: Strong Buy

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18.56+0.06(+0.32%)Jul 23 3:59 PMEDT

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