Weekly corn market review – April 15

Global market highlights The corn market is already noticeably moving away from the peak levels reached in mid-March, following the growth in oil. The initial support from the wheat and energy markets is gradually being exhausted, which is a signal that the risk premium is partially weakening and the market is returning to fundamentals. The improvement in weather in the USA and progress in planting further limit prices, as the risk of delaying the campaign is reduced. At the same time, investment funds have liquidated a significant portion of their long positions in corn in Chicago. Old crop supplies are also exerting pressure, with expected final stocks of around 2.1 billion bushels in the USA and nearly 295 million tons globally. In this context, analysts comment on the possibility of a further decline of another 10–15 cents in the price of CBOT in the short term, especially in the absence of a serious meteorological shock on the crops in South America. The latest USDA report on ...