Weather troubles in Brazil, US likely to keep high corn prices sustained
Corn futures prices on the Chicago Board Trade, which gained nearly 50% since the beginning of 2021, are likely to maintain the upward trend in the near-term, owing to weather issues with the top two producers Brazil and the US and higher demand from China.
Weather concerns have impacted Brazilian corn growers for a while now, and growing distress chatters around dry weather in parts of the US have boosted bullish sentiments in the market, analysts said.
Strong US corn export inspections are providing additional support to prices. The US sold 1.36 million mt of corn to China for the 2021-22 marketing year (September-August), along with 188,468 mt to unknown destinations, data from the US Department of Agriculture showed May 7.
New Delhi Corn futures prices on the Chicago Board Trade, which gained nearly 50% since the beginning of 2021, are likely to maintain the upward trend in the near-term, owing to weather issues with the top two producers Brazil and the US and higher demand from China.
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Weather concerns have impacted Brazilian corn growers for a while now, and growing distress chatters around dry weather in parts of the US have boosted bullish sentiments in the market, analysts said.
Strong US corn export inspections are providing additional support to prices. The US sold 1.36 million mt of corn to China for the 2021-22 marketing year (September-August), along with 188,468 mt to unknown destinations, data from the US Department of Agriculture showed May 7.
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