Corn prices in Chicago for the week decreased by 3.5%, despite the results of the Pro Farmer crop tour
On the Chicago stock exchange December corn futures yesterday fell by 1.1% to 152,2 $/t (-3.5% for the week, -32% for the year), not responding to forecasts of reduced corn crop in the EU, Ukraine, Romania and the United States, as well as a sharp rise in oil prices.
Traders drew attention to the data of the Pro Farmer crop tour in the “corn belt” of the United States, which showed that the average corn yield in 2024 will be 181.1 bushels/acre, and the total harvest – 380.5 million tons, while the USDA in the August report estimated them at 183.1 bushels/acre and 384.7 million tons, respectively.
According to the USDA’s Crop Progress report, the number of corn crops in good or excellent condition decreased by 2% to 65% (56% last year), but this did not support prices.
For 16-22 August, corn exports from the United States decreased compared to the previous week by 25.9% to 894,3 thousand tons, and in total in 2023/24 MG (which will end in a week) amounted to 51,034 million tons, which is significantly lower than the USDA forecasted 57.15 million tons.
In Ukraine, the drought is intensifying, which will accelerate the harvest of corn, but will reduce its potential.
During the week, the purchase price of corn fell by 2-3 $/t to 170-175 $/t CPT – Black sea ports amid declining prices for feed wheat and world corn prices.
On the stock exchange in Paris, the November corn futures for the week fell another 3% to 189 €/t (-10.8% for the month), despite forecasts of a decrease in the EU harvest, especially in Romania and Bulgaria.
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