US: Corn prices in Chicago fell 5.8 percent for the week amid weak demand and forecasts of more planted acreage

Published 2023년 2월 28일

Tridge summary

Chicago corn quotes have dropped 5.8% due to slow exports and increased planting forecasts for 2023, leading to higher sown area and harvest projections. Despite higher expectations in consumption and exports for FY 2023/24, reduced corn exports and slow planting progress in Brazil, along with lowered harvest forecasts in Argentina, have raised concerns. The situation is further complicated by uncertainty in the Black Sea ports of Ukraine regarding the operation of the grain corridor, impacting purchase prices. Despite some optimism about the corridor's continuation, ongoing disputes over export ranges and inspection speeds persist, adding to the complexities in the global corn market.

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

Original content

Corn quotes in Chicago fell 5.8% for the week amid sluggish exports and USDA forecasts for more planted acreage in 2023. At the Ag Forum last week, the US MSG released its first forecast of the sown area and corn harvest in 2023. It is expected that compared to 2022, the corn harvest will grow by 10% to 383.2 million tons, and the sown area - to 91 million acres (88.6 million acres in 2022 and 93.3 million acres in 2021). Consumption and export estimates for FY 2023/24 were also raised, surprising traders who are sensing lower demand from traditional buyers as China buys more Brazilian corn and Mexico plans to cut GMO corn imports. According to the USDA, during the week of February 17-23, corn exports decreased by 9% to 572.6 thousand tons (982.6 thousand tons last year), and in total for 6 months of the season reached 14.308 million tons, which is 62% less than last year's 23.205 million t on this date. In order to reach the forecasted 2022/23 MR of 48.9 million tons in the ...

Source: Graintrade