Chicago corn futures traded around $5.5 a bushel in the fourth week of July, the lowest since end-March, on worries over demand after data last week showed China cancelled over 2 cargoes of US old crop corn for the week ending July 15th. Also weighing was weather models' cooler forecast for the northwest of the US Midwest. Meantime, the US Department of Agriculture raised its forecast for the US corn harvest to 15.165 billion bushels, based on an average yield of 179.5 bushels per acre, compared with market expectations of corn production of 15.115 billion and a yield of 178.8 bushels.
Historically, Corn reached an all time high of 843.75 in August of 2012. Corn - data, forecasts, historical chart - was last updated on July of 2021.
Corn is expected to trade at 779.92 USd/BU by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 905.69 in 12 months time.