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July 13th, according to media reports, the CBOT corn futures market closed sharply lower, with the benchmark period closing down about 3.50%, the lowest level since early 2021, as the US Department of Agriculture’s corn production forecast exceeded market expectations.
The USDA report also acknowledged that the dry weather had affected the corn crop, but crop-saving rains have recently appeared and corn crop conditions have stabilized, an analyst said.
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Ahead of Thursday’s USDA weekly export sales report, traders expect total U.S. corn export sales of 100,000 to 800,000 tons (combined of new and old crops) for the week ended July 6, as In comparison, U.S. corn sales totaled 670,000 tons in the week ended June 29.
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