Corn futures hovered around $7.5 per bushel as traders balanced favourable weather and weak demand prospects against fears of tight supplies. USDA’s June acreage report showed that the US planted 89.9 million acres of corn, more than the 89.5 million acres planned in March but lower than 93.3 million acres in 2021. Corn flourished in its early stages of development after a late start to planting due to wet and cool conditions around much of the Midwest. Meanwhile, traders now eye weather forecasts for next few weeks as corn enters its pollination phase that will largely determine yields during the harvest that starts in September. At the same time, aggressive monetary tightening is raising fears of economic slowdown and demand destruction. However, corn futures are not far from an almost 10-year high of $8.1 hit in April, amid persisting concerns about supply disruptions from the Black sea region as the war in Ukraine shows no signs of abating.
Historically, Corn reached an all time high of 843.75 in August of 2012. Corn - data, forecasts, historical chart - was last updated on July 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.