Corn

Chicago corn futures traded at $6.5 per bushel, remaining below the seven-week high of $6.8 hit on December 28th, as a sharp retreat in crude oil prices limited demand for biofuel feedstock in the United States. Also, the start of trading between one of the world's top consumers China and a major producer, Brazil, eased bidding competition on other export markets. Brazil is expected to produce a record 126 million tonnes in the current year, 9% higher than the previous period, according to the USDA's Global Agricultural Information Network report. In addition, strong supply is expected from Ukraine as Russia agreed to extend the UN-brokered deal guaranteeing a safe trade corridor for vessels shipping grain out of the Ukrainian Black Sea ports. Besides permitting exports, the resumption of trade enables Ukraine to free up vital storage space in silos as the 2022/23 marketing year harvest continues.

Historically, Corn reached an all time high of 843.75 in August of 2012. Corn - data, forecasts, historical chart - was last updated on January of 2023.

Corn is expected to trade at 669.09 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 717.15 in 12 months time.