CHICAGO—Fresh U.S. government data rattled corn markets on Wednesday, sending futures prices soaring 9% and raising questions about the precision of earlier estimates.
Corn futures prices, which just a day earlier reached a nine-month low, jumped after the U.S. Department of Agriculture said stockpiles were much lower than the market expected.
The government on Wednesday also said the acreage now dedicated to planting corn for the coming crop is below forecasts.
The news was especially surprising because the USDA has in the past few months been sending bearish signals to the market, announcing in January that the most recent crop is below forecasts.
The news was especially surprising because the USDA has in the past few months been sending bearish signals to the market, announcing in January that the most recent crop was a record.
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