Global feed grain market: Market focuses on South American weather and US corn demand

Published 2024년 12월 23일

Tridge summary

The article provides an overview of the current situation and future projections for corn markets both in the United States and internationally. It reports a slight increase in futures prices for March corn at the Chicago Board of Trade and a slight decrease at Euronext, while noting a rise in the FOB price of Argentine corn and a drop in Brazilian corn futures. The article also mentions a decrease in crude oil futures and an increase in the ICE dollar index.

It highlights the USDA's expectations for increased US corn export sales, which are on track to surpass the target, despite a slight dip in net sales from the previous week. There's optimistic forecasting from private institutions regarding the increase in Brazil's corn production and a report on the progress of corn planting in Argentina. The article also touches on the anticipation of a nearly 3% rise in EU corn production for the 2025/26 season, attributed to recovered yields. It concludes by discussing the factors influencing the trend in Chicago corn futures, including weather conditions in South America, the trade agreement between China and the US, and the tightening corn supply in the US and globally, which is expected to support high corn prices.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

On Friday (December 20), the Chicago Board of Trade (CBOT) March corn futures closed at $4.4625 per bushel, up 1.0% from a week ago; the spot price of No. 2 yellow corn for January shipment in the US Gulf was $5.1625 per bushel, up 0.4%. The March corn futures of Euronext closed at 205.00 euros per ton, down 0.8%; the FOB price of Argentine corn on the river was $209 per ton, up 0.5%; the corn futures of Brazil's B3 Exchange were 72.73 reais per bag, down 0.3%. International crude oil futures fell this week. The global benchmark Brent crude oil closed at $72.94, down 2. 1%. This week, the ICE dollar index closed at 107.351 points, up 0.6% from a week ago, and it was also the third consecutive week of increase. The pace of US corn export sales continues to lead the level required to achieve the USDA's export target The USDA's weekly export sales report showed that as of the week of December 12, the net sales of corn in the United States in 2024/25 were 1.18 million tons, 24% higher ...
Source: Foodmate

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