Corn futures traded around $7.5 per bushel, the lowest in nearly 2 weeks and retreating from a 1-month high of $7.9 touched on June 16th, as favourable weather and weak demand prospects weighed on prices, temporarily turning attention away from war disruption to Black Sea exports. Latest weather forecasts pointed to cooler temperatures from this week in top growing regions of the US and widespread rain at the end of June, boosting hopes of solid yields. At the same time, a series of interest -rate hikes by major central banks around the world is raising fears of recession and demand destruction. However, corn futures are not far from an almost 10-year high of $8.1 hit in April, as concerns persist about supply disruptions from the Black sea region since Russia invaded Ukraine in February. Talks failed between the two major global suppliers despite Turkish efforts to negotiate a safe corridor for corn stuck in Black sea ports.
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 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.