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US corn prices fell to their lowest since November 2020 after record harvests in the United States and Brazil and weak domestic demand. Farmers who held grain back after dry weather in May and June now face storage bins full of record corn.
Futures that neared $6.30 a bushel in June have dropped to about $4.10.
Record stockpiles and heavier export competition point to continued pressure on corn values and weaker farm incomes, which may reduce spending on feed and inputs. Lower corn prices are favorable for feed buyers in the near term.
reuters.comTom PolansekFeb 22, 2024Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
