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World corn futures sat below spot and forward corn prices in Brazil for the first time since February 2022, while Chicago's premium to European spot corn narrowed to $0.53 per bushel. Traders are watching Brazilian weather in Mato Grosso and a possible Brazilian crop of 115 to 117 million tonnes.
A Brazilian crop of that size would offset weaker European import demand, which limits upside for corn prices but leaves weather risk in Mato Grosso as a possible source of volatility.
blog.pricegroup.comDaniel FlynnFeb 2, 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.
Chicago futures falling below Brazilian spot and forward prices signals weak competitiveness and ample South American supply, adding bearish pressure ahead of the move.
