Speculators staged one of their biggest weekly sell-offs in Chicago-traded corn last week as a strong Brazilian crop, efficient U.S. planting pace and weak U.S. export demand pushed futures to nine-month lows.
U.S. Crop Watch farmers last week continued planting their corn and soybeans at a faster-than-normal pace, mirroring national progress, though field work has barely started in North Dakota.
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.
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.