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 robust 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. The commodity has a solid fundamental backdrop with strong domestic demand expected to keep US stockpiles near seven-year lows. The US Agriculture Department projected that US corn stocks would stand at 1.507 billion bushels by September 1, 2022, still up from 1.257 billion bushels expected on September 1, 2021.
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.