SINGAPORE- Chicago corn lost ground on Thursday, trading around a near three-year low hit earlier this week, as the advancing US harvest is adding to ample supplies from rival exporter Brazil.
Wheat fell as plentiful supplies from the Black Sea region outweighed signs of renewed demand from large importers.
“We have made a further downward revision to our forecast for the average price of CBOT-listed second-month corn futures in 2023, following our earlier downward revision of June 15,” BMI Research, a unit of Fitch Group, said in a note.
“It is now our view that prices will average $5.55 per bushel through the twelve-month period, which points to an average price level close to $5.00 per bushel through the remainder of 2023.”
The most-active corn contract on the Chicago Board of Trade (CBOT) slipped 0.4 percent to $4.80-1/2 a bushel, after hitting its lowest since December 2020 on Tuesday at $4.67-3/4 a bushel.
