SINGAPORE- Chicago corn futures lost more ground on Thursday, with the market dropping to its lowest since early 2021 after a closely-watched US government report estimated all-time high production.
Wheat prices were also weighed down by a larger-than-expected US production forecast from the US Department of Agriculture (USDA), while soybeans rose.
“The USDA’s outlook for record 2023/24 US corn production outlook of 15.3 billion bushels was reiterated this month, as higher acreage compensated for yield cuts,” Rabobank said in a report.
“Over the last two weeks, around 10 million metric tons of corn has been added to global supply expectations. Weather risks are receding – US crop conditions have climbed 5 percent in two weeks – and there’s more rain ahead.”
The most-active corn contract on the Chicago Board of Trade (CBOT) lost 0.3 percent to $4.82-1/2 a bushel, after dropping earlier in the session to lowest since January 2021 at $4.81 a bushel.
