Chicago-traded December corn futures hit another calendar-year low on Wednesday, continuing the downward trajectory that has so far unfolded very similarly to 2013.
More than three years since China first blocked a range of Australian imports in a political dispute, restrictions are easing, but reviving trade is proving more challenging than stopping it in the first place.
After cool and wet weather delayed planting last year, the U.S. Crop Watch farmers are planting corn and soybeans at an efficient clip, but not as fast as in 2021.
U.S. corn shippers should be in their peak season, but key buyer China has cancelled cargoes this week, placing more scrutiny on export potential, particularly with a massive harvest expected out of Brazil by mid-year.
Commodity funds have been bullish in Chicago soybeans for three consecutive years now, and despite a rout in futures last month, funds’ soy views as of last week were essentially unchanged from mid-March.