The price of corn continued to fall, hitting a three-year low, as U.S. farmers are expected to harvest a record crop this season.
This is reported by Bloomberg.
The U.S. corn harvest will total more than 386 million tons, surpassing analysts’ forecasts and the previous 2016 record of 15.148 billion bushels, the U.S. Department of Agriculture said Thursday.
Chicago corn for December delivery fell 1% to $4.63 a bushel, after earlier trading at $4.61, the lowest since December 29, 2020.
“Sufficient supply in the world’s largest producer means that attention now shifts to the upcoming harvest in key producer Brazil, as well as global demand for US corn,” the report said.
According to Farm Futures analyst Jacqueline Holland, any positive news on U.S. corn use will go a long way in supporting corn prices over the next month.
As for other commodities, soybean oil futures rose for a third day in a row in Chicago. Soybeans traded steady, after rising 0.3%.
Cargill Inc., the world’s largest grain trader, said China just made a huge purchase of U.S. soybeans, underscoring momentum in the oilseeds market.