Chicago corn futures extended gains towards $7.0 per bushel, a level not seen since mid-May, as traders digested weather developments and exports forecasts from the US. The USDA export sales report showed corn sales surge 50.6% year-on-year to 16,386 metric tons in the week ended June 3rd. Farmers welcomed the latest heatwave, which was needed to pop the plants after a cooler May slowed development of the crops. However, producers said drought and high winds could deteriorate the health of their crops. The USDA crop progress report pegged the US corn in good to excellent conditions at 72% , 2pp short from estimates and 4pp below the previous reading.
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 2021.
Corn is expected to trade at 669.84 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 588.21 in 12 months time.