Argentina's Corn Prices Declined 36.77% YoY in W9 Amidst Favorable Weather

Argentina corn prices significantly decreased 36.77% YoY during W9, dropping to USD 0.16/kg from USD 0.25 kg in 2023, with a 16% MoM increase but a 6% WoW drop. Recent rains have positively impacted corn and soybean crops in Argentina after a heat wave. However, speculators remain cautious, holding significant net short positions in corn and soybean futures due to expectations of growing grain stockpiles and reduced Chinese demand for animal feed, as reflected in the USDA's maintained production potential for Argentina.