News

Corn prices fell to a three-year low

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

Tridge summary

In Wednesday's trading, crop prices, including wheat, corn, and soybeans, experienced a decline in Chicago, with corn prices reaching a three-year low due to a surplus domestic supply and a robust South American crop outlook. The only crop to see a price increase was rape, which rose by 1.3%. Similarly, in Europe, all four priority agricultural products saw a decrease in prices. The overall decline is attributed to commodity funds increasing their net short positions and farmers selling off grain from the 2023 harvest.
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

Prices of almost all crops fell on Wednesday's trading day. In Chicago, wheat fell by 0.1 percent, corn by 2.1 percent, and soybeans by 1.6 percent less than the previous day. The 1.3 percent rise in the price of rape was an exception. In Europe, all four priority agricultural products, mill wheat, corn, rapeseed and fodder wheat, closed in the red. According to analysts, the price of corn fell to a three-year low on Wednesday in the US futures market because the abundant domestic supply of grain and the strong South American crop outlook worsened the mood. Soybeans and wheat also followed the downward price trend. On a percentage basis, maize had the biggest decline. Some analysts attributed the loss to commodity funds increasing their already large net short positions, while others cited sales by farmers selling off grain from the 2023 harvest. "Farmers have been waiting for higher prices that haven't come," said Ted Seifried, chief market strategist at Zaner Group. "Hope is ...
Source: AgroForum
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