Chicago corn futures fell to around $4.4 per bushel, retreating from an over two-week high of $4.5 on April 23rd, as profit-taking took hold. The recent rally in the grain stemmed from concerns over tighter supply in Argentina after the USDA's Foreign Agricultural Service (FAS) lowered its corn harvest forecast for the country in 2023/24 marketing year (MG) from 57 to 51 million tons due to dry weather and outbreaks of stunt disease. Additionally, risks emerged to Brazil's second crop planting due to precipitation deficits. However, the overall corn outlook remained bearish as the USDA only slightly reduced its 2023/24 ending corn stock volumes for U.S. supplies and maintained output estimates for the world's largest exporter Brazil. Furthermore, the latest Crop Progress report indicated favorable weather in the US led to an above-normal planting pace in many states.
Corn decreased 30.70 USd/BU or 6.52% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Corn reached an all time high of 843.75 in August of 2012. Corn - data, forecasts, historical chart - was last updated on April 26 of 2024.
Corn decreased 30.70 USd/BU or 6.52% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Corn is expected to trade at 419.02 USd/BU by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 385.15 in 12 months time.