US: Corn prices in Chicago fell 5.8 percent for the week amid weak demand and forecasts of more planted acreage

Corn quotes in Chicago fell 5.8% for the week amid sluggish exports and USDA forecasts for more planted acreage in 2023. At the Ag Forum last week, the US MSG released its first forecast of the sown area and corn harvest in 2023. It is expected that compared to 2022, the corn harvest will grow by 10% to 383.2 million tons, and the sown area - to 91 million acres (88.6 million acres in 2022 and 93.3 million acres in 2021). Consumption and export estimates for FY 2023/24 were also raised, surprising traders who are sensing lower demand from traditional buyers as China buys more Brazilian corn and Mexico plans to cut GMO corn imports. According to the USDA, during the week of February 17-23, corn exports decreased by 9% to 572.6 thousand tons (982.6 thousand tons last year), and in total for 6 months of the season reached 14.308 million tons, which is 62% less than last year's 23.205 million t on this date. In order to reach the forecasted 2022/23 MR of 48.9 million tons in the ...