Ample global supply keeps corn market stagnant

The February supply and demand report from the United States Department of Agriculture (USDA), released this Thursday (08), was the highlight of the week in the market, but it did not bring any major surprises for corn. The prospect of a broad global supply persists, which is a bearish factor for the cereal on the Chicago Stock Exchange (CBOT) and on the world market. The United States is expected to harvest 15.342 billion bushels in the 2023/24 season, the same volume indicated in January. Average productivity in 2023/24 is expected to reach 177.3 bushels per acre, unchanged from the number estimated last month. The area to be planted should remain at 94.6 million acres, unchanged from the previous report. The area to be harvested was forecast at 86.5 million acres, unchanged from last month. Final stocks for the 2023/24 harvest were estimated at 2.172 billion bushels, above the 2.162 billion bushels forecast last month and the 2.134 billion bushels expected by the market. ...