World: Corn will fall by more than 30% in 2023, the first decline in six years

Published 2024년 1월 2일

Tridge summary

Global corn prices have seen a significant decline, with Chicago corn futures reaching a three-year low and a decrease of more than 30% for the year. Factors contributing to this decline include record U.S. corn production, a large corn supply in Brazil, and the expectation of strong recovery in Argentina and Europe. Additionally, the U.S. corn export demand is growing, primarily from Mexico, while U.S. corn ethanol demand may also increase in 2024. The situation in South America will be a key variable affecting corn prices in 2024, as factors such as weather and export policies will impact the market.

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

Original content

Foreign media news on January 1: As of the week of December 29, 2023, global corn prices continued to fall, with Chicago corn futures falling to near a three-year low, a decline of more than 30% for the whole year, ending the previous five consecutive years of rising prices. .U.S. corn production has hit a record, Brazil has a huge corn supply, Argentina and Europe are expected to have a strong recovery from their lows in more than 20 years, and Ukraine is working hard to resume Black Sea transportation, all of which have put supply pressure on corn. Global corn will enter a bear market in 2023 On Friday, the Chicago Board of Trade (CBOT) March corn futures closed at $4.7125 per bushel, down 0.4% from a week ago and 30.6% from the end of 2022; the spot price of No. 2 yellow corn for the January shipping date was $4.7125 per bushel. 5.1875 US dollars, down 0.2% from a week ago, down 34.3% from the end of 2022; Euronext's March corn futures closed at 198.25 euros/ton, down ...

Source: Foodmate