U.S. corn futures slump to near three-year low on strong harvest, weak demand
Sep. 18, 2023 5:56 PM ET
Teucrium Corn Fund ETF (CORN), C_1:COM DBA, MOO, SOYB, WEAT, S_1:COM, W_1:COM
By: Carl Surran,SA News Editor
 franconiaphoto/iStock via Getty Images
U.S. corn futures fell to their lowest levels in nearly three years on Monday, as traders said an expanding Midwest harvest added to fears of a supply glutat a time of weak export demand for U.S. supplies.
Chicago Boardof Trade corn prices have fallen 30% this year, as analysts believe stockpiles could reach their highest in a decade while huge shipments from Brazil reduce overseas demand for U.S. corn.
Benchmark CBOT December corn ( C_1:COM) closed-1%to $4.71 1/2 per bushel, after hitting $4.69, the lowest price for the most-active contract since December 2020.
Wheat and soybeans also fell Monday, following the weaker trend, with CBOT December wheat ( W_1:COM) ending-2.2%to $5.91 1/4 per bushel, as large supplies from Russia continued to flow onto global markets, and November soybeans ( S_1:COM) settling-1.8%to $13.16 3/4 per bushel, after falling to $13.15 1/2, the front-month contract's lowest in a month. |
