CBOT corn closes mildly higher on concern over Black Sea exports, dry weather in Midwest

On May 24th, according to foreign media reports, the corn futures market of the Chicago Board of Trade (CBOT) closed up on Tuesday, with the benchmark futures contract rising 1.10% due to slow Ukrainian grain ship transportation, possible dry weather in the Midwest, and the price strength of wheat bringing a boost to the corn price ratio.

1. After the Black Sea grain export agreement was extended by two months last week, Ukrainian grain exports did not significantly accelerate, but instead slowed noticeably. A Ukrainian official said on Tuesday that the Yuzhny port in Ukraine has stopped operating because Russia does not allow ships to enter the port, causing concerns in the market about the agreement.
2. The weather forecast shows that much of the Midwest is expected to become dry in the next two weeks, which provides support for the corn market. U.S. spring planting work is steadily progressing, with three-quarters of corn planting completed. The crop progress report released by the United States Department of Agriculture on Monday showed that as of May 21st, U.S. corn planting had reached 81%, higher than last week’s 69% and the average progress of 75%. Analysts say that as the growing season begins, the market focus will soon turn to weather and crop conditions.