CHICAGO: Chicago Board of Trade corn futures fell on Thursday, despite the US Agriculture Department’s report of record weekly corn exports, traders said.
CBOT March corn settled 2 cents lower at $5.50 per bushel, after reaching $5.58, its highest since June 2013.
Export sales of US corn reached 7.520 million tonnes in the week ended Jan. 28, according to the USDA - the biggest week of sales on record, led by 5.860 million tonnes sold to China.
Brazil’s agriculture minister said the country expects to harvest more than 103 million tonnes of corn, despite expected second-crop planting delays caused by a slow soybean harvest.
The USDA’s Foreign Agricultural Service post in Brazil reduced its estimate for Brazilian corn production to 105 million tonnes, versus the official USDA forecast of 109 million tonnes.
- Argentina’s 2020/21 corn crop is expected at 46 million tonnes, the Buenos Aires Grains Exchange said, citing lower-than-expected yields caused by dry weather as the reason for cutting its earlier estimate of 47 million tonnes.
Global food prices rose for an eighth consecutive month in January to their highest since July 2014, the United Nations food agency said, with rising corn prices leading to a 7.1% increase in the FAO’s cereal price index, buoyed in part by purchases by China and lower-than-expected US production.
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