News

United States: CBOT corn falls to 3-year low on big supply, South American rains

Maize (Corn)
United States
Sustainability & Environmental Impact
Market & Price Trends
Published Feb 12, 2024

Tridge summary

Corn futures at the Chicago Board of Trade have dropped to a three-year low due to improved crop weather in South America and an abundance of supplies. The U.S. Department of Agriculture has increased its forecast for U.S. 2023/24 corn ending stocks to 2.172 billion bushels, exceeding analysts' expectations. The forecasted rain in Brazil and Argentina has eased concerns about crop stress. As a result, CBOT March corn has fallen 4-1/4 cents to $4.29 a bushel, marking the eighth weekly decline in nine weeks.
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

The USDA on Thursday raised its forecast of U.S. 2023/24 corn ending stocks more than most analysts expected, to 2.172 billion bushels. Rain forecast in Brazil and Argentina, which has endured a heat wave in the past week, tempered worries about crop stress. About 2 million metric tons of corn still remain in unharvested fields in several Ukrainian regions, brokers said on Friday. CBOT March corn settled 4-1/4 cents lower at $4.29 a bushel after setting a contract low of $4.28-1/4. It was the lowest level for a most-active corn contract Cv1 since December 2020. Benchmark March futures were down 3.1% in the week, marking the eighth weekly drop in nine weeks. May 2024 CK24, September 2024 CU24, March 2025 CH25, May ...
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