Chicago corn futures traded firmly above $7 per bushel in May, hovering around their highest level since July 2013, amid concerns over tightening global supplies and prospects of a strong economic recovery in 2021. Corn prices have risen nearly 40% in 2021 and a bushel costs more than twice what it did a year ago. Meanwhile, all eyes are now on the WASDE report to be released later in the day, in which the USDA will give its first global outlook for 2021/22 and update its 2020/21 estimates. Brazil's 2020/21 corn production is expected to be lowered to 103.5 million tonnes, from 109 million tonnes in April.
Historically, Corn reached an all time high of 843.75 in August of 2012. Corn - data, forecasts, historical chart - was last updated on May of 2021.
Corn is expected to trade at 735.20 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 645.60 in 12 months time.