Chicago corn futures traded above $5.7 a bushel in the third week of November, close to a 3-½-month high of $5.8 hit early in the month amid slow producer-selling, harvest delays coupled with suspended logistics due to rains in China; and a strong global demand for ethanol, a corn-based fuel. Elsewhere, earlier in the week the USDA estimated 2021/22 global corn production to go up by 5.1 million tons and upwardly revised its US corn outlook to 15.062 billion bushels, up 43 million from last month.
Historically, Corn reached an all time high of 843.75 in August of 2012. Corn - data, forecasts, historical chart - was last updated on November of 2021.
Corn is expected to trade at 819.76 USd/BU by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 905.69 in 12 months time.