Strong demand in the US supports corn prices on the Chicago Board of Trade

Published Mar 17, 2023

Tridge summary

Corn prices on the Chicago Stock Exchange increased due to growing demand from China, with contracts for May up 1% at USD6.3275 a bushel and July lots up 0.65% to USD6.1625 a bushel. Wheat prices decreased after a technical correction, driven by four consecutive sessions of rising prices. Soybeans closed close to stability on the Chicago Stock Exchange, with lots for May up 0.15% to trade at $14.9150 a bushel and contracts for July advanced 0.10%, to US$ 14.76 per bushel. The United States Department of Agriculture reported increased corn exports to China, reaching 1.165 million tons, and soybean net sales reached 665,000 tonnes swt for the week ended March 9.

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

Original content

Corn maintained the appreciation trend on the Chicago Stock Exchange, with a growing demand from China for the American cereal. Contracts for May were up 1% at USD6.3275 a bushel, while July lots advanced 0.65% to USD6.1625 a bushel. “After a slow pace since the beginning of the year for US corn exports, the indication that Chinese demand may grow again has encouraged the market, which also rises for technical reasons, after a downward movement that comes from the end of last month”, says João Pedro Lopes, market intelligence analyst at StoneX. The United States Department of Agriculture (USDA) reported, for the third consecutive day, corn sales from the country to China. According to the agency, exports of the American cereal increased by 11% in the week ended March 9, reaching 1.165 million tons. “Sales to China are a good indication of strong demand in the market, but the next USDA reports need to confirm whether this will be a trend or just a one-off movement,” adds Lopes. ...

Source: Suinoculturaindustrial