The US Department of Agriculture has revised its US maize production figures down to 274 million tonnes (mt) from the July estimate of 329mt.
This represents a 27% fall in production from their June figure of 375mt.
Analysts had expected a figure of below 300mt, with individual estimates from the International Grains Council of 300mt, Informa Economics 262mt, and F C Stone 279mt, giving an idea of what the market had priced in.
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