Chicago corn futures traded close to $5.8 a bushel, after hitting $5.86 on November 26th amid renewed concerns over new Covid variant, Omicron. Meanwhile,USDA’s weekly export sales report showed US corn sales at 1.43 million tonnes during the week of November 18th, up by 58% from the previous week and much above market expectations. Increases were primarily for Mexico, Canada, Japan, China and Saudi Arabia. Also, firm global demand for ethanol, a corn-based fuel; slower than average planting in Argentina; and global supply disruptions capped further losses. Traders continue to monitor the cropping conditions in South America, especially the anticipated La Nina impact in Argentina and Southern Brazil. Elsewhere, the USDA in its November report estimated 2021/22 global corn production to go up by 5.1 million tons and upwardly revised its US corn outlook to 15.062 billion bushels, up 43 million from last month.
Historically, Corn reached an all time high of 843.75 in August of 2012. Corn - data, forecasts, historical chart - was last updated on December of 2021.
Corn is expected to trade at 819.76 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.