Corn Prices Touch New 29-Month Highs, As Latest Data Shows Waning Supplies by The DIEM Team

USDA cuts harvest estimates for the fourth time. World demand remains strong. Poor weather plays a role globally.

Corn futures rallied 4% today, briefly touching limit up (the max daily move allowed). Soy, Wheat & Cotton are all strong.

oday the U.S. Department of Agriculture ("USDA") made another deep cut in the outlook for global grain supplies, sending prices sharply higher. With the U.S. grain season coming to an end, Corn inventories are below 15-year lows. The current tight supplies reflect developments that have been building for months.

Weather Factors

Weather shocks first came into play this summer, when a Russian drought brought wildfires that significantly damaged Wheat crops. And the U.S. Plains were dryer than usual this summer.

In Argentina, a key producer and exporter, dryness damaged plantings and lowered expected crop sizes for

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