USA: Corn futures change direction and register a slight drop on the Chicago Board of Trade

Published 2022년 11월 30일

Tridge summary

US corn futures contracts saw a slight decrease on Tuesday, with the December 2022 contract dropping 3 cents as deliveries draw near. The United States Department of Agriculture (USDA) has predicted a 10 million ton increase in the 2022/23 Brazilian corn crop, reaching 126 million tons. Canadian production is estimated to be 14.8 million tons, a slight decrease from the previous estimate. The European Union Commission has reduced its corn production forecast by 1.6 million tonnes due to summer drought, increasing its import needs for 2023 by 1 million tonnes.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Corn futures contracts traded in the United States ended the session a little lower on Tuesday, 29, with losses of approximately 1.75 cents. Specifically, the December 2022 contract is down 3 cents as deliveries approach. It ended the session at $6.6575 a bushel, down 0.45%. The March contract was traded at US$ 6.695 per bushel, down 0.26%. The United States Department of Agriculture (USDA) projected the 2022/23 Brazilian corn crop at 126 million tons, an increase of 10 million tons compared to the previous year. On the B3 exchange, the retraction was more pronounced. Corn futures for January 2023 fell 1.94% to BRL 88.50 per 60-kilogram bag, while the contract for March fell 1.7%, trading at BRL 91.87 per bag. In addition, estimates for Canadian production data point to a volume of 14.8 million tons. The previous estimate, released in September, was 14.9 million tons. The agency APK-Inform expects the 2022/23 Ukrainian corn crop to be 27.9 million tons. Ukraine's Ministry of ...

Source: Novacana