Corn prices on the CBOT rose to a monthly high on strong demand and lower production forecasts
Corn prices on the Chicago Board of Trade rose to their highest level in a month on solid demand and lower-than-expected production forecasts, Bloomberg reports.
Demand for U.S. corn exports remains strong: the U.S. Department of Agriculture reported new net sales of 2.8 million tons for the week ended Aug. 14.
Meanwhile, Pro Farmer analysts estimated U.S. corn yields at 182.7 bushels per acre (≈11.5 t/ha — ed.) following the annual field tour. While this is a record, it is significantly lower than the USDA’s previous estimate of 188.8 bushels (≈11.9 t/ha).
Dry weather and crop diseases also remain risks, which also keep prices high.
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