Corn futures traded close to $6 a bushel, the lowest since the beginning of the year, amid weak demand and prospects of higher supplies. China cut its estimates for 2021/22 corn consumption to 287.7 million tonnes, down from 290.7 million tonnes estimated in the previous month on slowing demand from both livestock feed and industrial sectors. At the same time, USDA in its latest report raised its projections for 2021/22 corn production to 15.115 billion bushels, up 53 million on a 0.3 million acre increase in harvested area whereas kept corn use unchanged at 14.835 billion leading to higher corn ending stocks (up by 47 million bushels). Meanwhile, global corn stocks are also estimated lower at 303.1 million tons, down by 2.5 million from previous month.
Historically, Corn reached an all time high of 843.75 in August of 2012. Corn - data, forecasts, historical chart - was last updated on January of 2022.
Corn is expected to trade at 861.68 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 1000.60 in 12 months time.