Corn prices on the CBOT are falling in anticipation of a large supply of the new crop
CBOT corn fell over June 20-26. Over the week, corn price fell by 62.2 cents to 409.4 USc/bu.
US export commitments have already surpassed USDA projections — the sign is supportive, but overshadowed by expectations of a large US and global new crop.
Adding to the pressure, Brazil’s second corn crop was revised up by a massive 10 M mt — a surprise that reinforces global oversupply fears. The harvest is still ongoing in South America, but its weight on global prices is already being felt.
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