Spread betting provider City Index (http://www.cityindex.co.uk/) takes a look at the financial activity shaping the markets on 2nd September 2011.
Corn prices have received a bump following predictions that the US could produce lower yields.
As of 09:19 BST this morning (September 2nd) in London, the commodity for December delivery rose to $7.47 (£4.61) a bushel on the Chicago Board of Trade, which represents a 1.2 per cent hike, Bloomberg reported.
It comes as corn’s value dropped to its lowest level for two months yesterday.
However, the news resource suggested that INTL FCStone’s forecast that US production would drop from 13.002 billion to 12.35 billion bushels provided the commodity with a trading boost.
Such estimations follow the US Department of Agriculture’s 12.914 billion figure being questioned by Morgan Stanley and Pro Farmer, which placed production at 149.5 bushels an acre and 12.914 billion bushels in total respectively.
Meanwhile, Bloomberg explained that on expectations of a slowing employment environment in the US, oil for October delivery fell to $88.23 a barrel as of 10:51 BST on the New York Mercantile Exchange.
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