News

US climate holds pressure on CBOT prices of corn

Maize (Corn)
United States
Published Jun 7, 2023

Tridge summary

After the United States Department of Agriculture (USDA) released its first crop of corn projection for the country, attributing high initial productivity to the 2023 crop, the market is looking for arguments to contest the initial optimism. The second half of May was a little drier in the Great Lakes region and should continue like […]

Original content

After the United States Department of Agriculture (USDA) released its first crop of corn projection for the country, attributing high initial productivity to the 2023 crop, the market is looking for arguments to contest the initial optimism. The second half of May was a little drier in the Great Lakes region and should continue like this until the 10th. However, there is an excellent forecast for rain from then on. The market of corn tried again to contain the downward pressure on prices on the Chicago Board of Trade (CBOT) with this climatic movement to sustain indications above USD 5.00/bushel. Nothing is more seasonal than a price movement based on the weather right now. For Brazil, this volatility must be understood as selling opportunities, considering the size of the Brazilian second crop of corn and the serious logistical difficulties that are expected until the start of the 2024 summer crop. Just like soybean prices dropped due to the decline in premiums at the height of ...
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