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Front-month Chicago corn futures dipped below $4 per bushel on February 23 for the first time since November 2020. Analysts cite large US and global supplies and USDA projections of record 2024-25 ending stocks.
Some growers who stored corn rather than selling are now facing losses.
Projected record carryout stocks of about 2.5 billion bushels signal sustained bearish pressure on corn into the new crop year. Cheap corn supports feed cost savings for livestock buyers.
farmpolicynews.illinois.eduRyan HanrahanFeb 26, 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.
