United States: CBOT corn falls to 3-year low on big supply, South American rains
Sustainability & Environmental Impact
Market & Price Trends
Published Feb 12, 2024
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.
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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 ...