MW: Corn futures rally; USDA cuts production estimate
By Myra P. Saefong
SAN FRANCISCO (MarketWatch) -- Corn futures rallied Thursday after the U.S. Department of Agriculture cut its estimates on production and beginning stocks for the 2012/2013 crop year. The government agency on Thursday cut its beginning stocks forecast for U.S. corn by 193 million bushels, based on the Sept. 1 stocks estimate. It also lowered its U.S. corn production forecast by 21 million bushels. December corn CZ2 +4.75% jumped 36 cents, or 4.9%, to $7.73 a bushel on the Chicago Board of Trade. December wheat WZ2 +2.41% was also up 21 cents, or 2.4%, at $8.91 a bushel. The USDA reduced its wheat ending stocks estimate by 44 million bushels.
