Corn futures rose to a 1-week high of over $6 per bushel after the USDA weekly report showed worsening condition of the crop amid heatwaves in Midwest and plains. The agency rated 61% of the U.S. corn crop in good to excellent condition, down from 64% a week earlier and much lower than what analysts expected. Hot and dry weather during crucial corn pollination is likely to weigh on the crop due to harvest in September. However, corn is not far from a 8-month low of $5.9 hit on July 5th amid higher supplies forecasts for 2022-23 from the USDA and weak demand prospects caused by growing recession fears.
.
Historically, Corn reached an all time high of 843.75 in August of 2012. Corn - data, forecasts, historical chart - was last updated on August of 2022.
Corn is expected to trade at 905.69 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 1000.60 in 12 months time.