News

Bearish investors push US corn to lowest level since November 2020

Maize (Corn)
United States
Market & Price Trends
Published Feb 23, 2024

Tridge summary

Chicago corn futures have hit their lowest point since November 2020 due to speculation of further price drops amid an abundant supply from top exporters, the United States and Brazil. Soybeans are also experiencing a near three-year low due to inexpensive Brazilian exports, while wheat prices have dropped due to an abundance of Russian shipments. Despite expected rainfall in Argentina's Pampas region potentially boosting the 2023/24 soybean and corn crops, corn, soybeans, and wheat have all seen a decrease of between 8% and 13% this year due to speculative selling and a decrease in Chinese demand for animal feed.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Chicago corn futures fell on Thursday to their lowest level since November 2020, as speculators bet on further price drop amid ample supply from top exporters – the United States and Brazil. Soybeans hovered near a three-year low reached in the previous session due to pressure from cheap Brazilian exports, while wheat fell amid plentiful Russian shipments. The most-active corn contract on the Chicago Board of Trade (CBOT) Cv1 was down 0.4% at $4.22-1/2 a bushel, as of 0637 GMT, after falling as low as $4.08-3/4. Further declines are likely, said Ole Houe at IKON Commodities in Sydney. “With the weight of the South American crop now coming at us, I think we’ll go below $4,” he said, though he warned that the huge short position held by investors meant that when a rally does occur, it is likely to be rapid. Expected rainfall over the next few days in Argentina’s Pampas region will likely boost 2023/24 soybean and corn crops there, the Buenos Aires grains exchange said in a report. ...
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