Demand for corn is slowing in US

Published 2023년 3월 10일

Tridge summary

Corn prices are experiencing a downturn despite strong export sales from the USA, driven by macroeconomic factors and an updated production forecast from Argentina. The country's production forecast has been revised downward from 41 million tons to 37.5 million tons. South Korea is planning to purchase 69,000 tons of corn in a forthcoming tender. In the USA, the weekly export sales of corn reached 1,525,300 tons, with 113,200 tons being new crop. The corn market in Ukraine remains well-supplied, despite a slowdown in demand. As a result, corn prices have seen a decrease on both the Chicago Stock Exchange and the Black Sea exchange.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Corn prices continued to decline under the pressure of macroeconomic expectations, despite the good performance of export sales from the USA. Barva Invest analysts reported on the Telegram channel. BAGE lowered its forecast for corn production in Argentina in the current season from 41 million tons to 37.5 million tons. South Korea will hold a tender for the purchase of 69,000 tons of corn. Weekly export sales of American corn amounted to 1,525,300 tons, of which 113,200 tons were new crop. The supply of corn on the Ukrainian market remains significant, while demand continues to slow. Currently, the May corn contract on the Chicago Stock Exchange (ZCK3) is down $0.14/bu to $6.11/bu. The May corn ...
Source: Agrotimes

Would you like more in-depth insights?

Gain access to detailed market analysis tailored to your business needs.
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes. To learn more about our cookies, please read our Privacy Policy.