Chicago corn prices down 3.5% for the week, even as Pro Farmer crop tour results

On the exchange in Chicago, December corn futures yesterday fell by 1.1% to $152.2/t (-3.5% for the week, -32% for the year), not reacting to forecasts of a decrease in the corn harvest in the EU, Ukraine, Romania and the USA, as well as the sharp rise in oil prices.

Traders turned their attention to data from Pro Farmer's crop tour of the U.S. "corn belt," which showed average corn yields in 2024 at 181.1 bushels/acre and a total crop of 380.5 million tons, while the USDA in August the report estimated them at 183.1 bushels/acre and 384.7 million tons, respectively.

According to USDA's Crop Progress report, the number of corn in good or excellent condition fell 2% for the week to 65% (56% last year), but that did not support prices.

During the week of August 16-22, the export of corn from the USA decreased in comparison with the previous week by 25.9% to 894.3 thousand tons, and in general in 2023/24 MR (which will end in a week) amounted to 51.034 million tons, which is significantly lower than the forecast USDA 57.15 million tons.

In Ukraine, the drought is intensifying, which will accelerate the harvesting of corn, but will reduce its potential.

During the week, corn purchase prices fell by $2-3/t to $170-175/t SRT - Black Sea ports against the backdrop of lower feed wheat prices and global corn quotations.

On the exchange in Paris, November corn futures for the week fell by another 3% to 189 €/t (-10.8% for the month), despite forecasts of reduced harvests in the EU, especially in Romania and Bulgaria.