Chicago corn futures traded around $5.3 a bushel, tracking soybeans higher on prospects of increased exports. Still, corn prices remain not far from a 9-month low of $4.9 touched in early September as US harvesting continues to advance rapidly adding to already ample supplies. The International Grains Council raised its forecast for the 2021/22 global corn crop, reflecting an improved outlook for the US and Ukraine. Meantime, the USDA reported September 1st corn stocks at 1.236 billion bushels, above market expectations of 1.155 billion bushels.
Historically, Corn reached an all time high of 843.75 in August of 2012. Corn - data, forecasts, historical chart - was last updated on October 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.