On May 31, according to foreign media reports, the Chicago Board of Trade (CBOT) corn futures market closed down on Tuesday, with the benchmark period closing down by about 1.70%, ending the rally in the past five trading days, as the Midwest region of the United States next month Favorable rains will usher in, concerns about commodity demand and active month-end selling.
Traders said that concerns about whether the U.S. Congress will pass the U.S. debt ceiling agreement intensified, and international crude oil fell sharply, putting downward pressure on corn and other grain markets. Ample corn supplies in Brazil are also weighing on prices.
Agribusiness consultancy AgRural on Monday raised its forecast for Brazil’s total corn production to 127.4 million tonnes from 125.1 million tonnes previously. Harvesting of Brazil’s second-crop corn has begun and was 0.8 percent complete as of last Thursday, down from 1.2 percent a year earlier.
