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Corn Prices Drop To Four-Year Low Amid Robust U.S. Harvest
(MENAFN- The Rio Times) In Chicago, corn futures plummeted to their lowest since 2020 on Monday, reflecting the impact of a robust U.S. harvest and ongoing sales by farmers, analysts report.
In contrast, soybean futures saw gains amid a heatwave in the U.S. Midwest and escalating tensions in the Middle East. Meanwhile, wheat futures declined due to an abundant global supply and active fund selling.
The most active corn contract fell by 4.50 cents, closing at $3.865 per bushel, marking a low not seen since October 2020.
Conversely, soybeans advanced 7.75 cents, reaching $9.8075 per bushel. Wheat prices dropped 3 cents, finalizing at $5.25 per bushel.
A surge in farmer sales contributed to the decline in corn futures. "Elevators and cooperatives are setting prices for old corn soon," Jason Ward from Northstar Commodity explained.
This week is crucial as producers begin to move stored corn from previous harvests. ProFarmer's anticipated crop tour highlighted potential record harvests in key states like Illinois and Iowa, indicating a surplus on a global scale.
Despite the threat of a heatwave possibly affecting soybean crops during vital growth phases, ProFarmer's report suggested that U.S. soybean output might exceed the already high government projections.
These shifts are critical for understanding global food prices and supply dynamics, highlighting the deep interconnections within agricultural markets.
In contrast, soybean futures saw gains amid a heatwave in the U.S. Midwest and escalating tensions in the Middle East. Meanwhile, wheat futures declined due to an abundant global supply and active fund selling.
The most active corn contract fell by 4.50 cents, closing at $3.865 per bushel, marking a low not seen since October 2020.
Conversely, soybeans advanced 7.75 cents, reaching $9.8075 per bushel. Wheat prices dropped 3 cents, finalizing at $5.25 per bushel.
A surge in farmer sales contributed to the decline in corn futures. "Elevators and cooperatives are setting prices for old corn soon," Jason Ward from Northstar Commodity explained.
This week is crucial as producers begin to move stored corn from previous harvests. ProFarmer's anticipated crop tour highlighted potential record harvests in key states like Illinois and Iowa, indicating a surplus on a global scale.
Despite the threat of a heatwave possibly affecting soybean crops during vital growth phases, ProFarmer's report suggested that U.S. soybean output might exceed the already high government projections.
These shifts are critical for understanding global food prices and supply dynamics, highlighting the deep interconnections within agricultural markets.
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