Corn futures sank to $5.6 per bushel in May, the lowest since November 2021, amid renewed expectations of soaring supply. After a long period of uncertainty, Turkish President Erdogan confirmed that the deal guaranteeing Ukrainian seaborne grain exports was extended for two months, preserving the major producer’s access to key foreign markets for the short term. In the meantime, The USDA forecasted global corn production to reach a record high in the 2023/2024 marketing year, as output is expected to surge in North and South America. The US corn production is expected at a record-high 15.3 billion bushels, a 10% increase from forecasts of the total output for the current marketing year. Supply is also expected to increase in Argentina, as favorable weather and less volatile economic conditions are set to help capacity for farmers. While production in Brazil is expected to ease from this year’s record, crop expectations remain robust.
Historically, Corn reached an all time high of 843.75 in August of 2012. Corn - data, forecasts, historical chart - was last updated on June of 2023.
Corn is expected to trade at 590.73 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 553.42 in 12 months time.