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Markets

CBOT corn ends sharply higher on Brazil dryness, supply fears

  • So far, high prices have done little to curb US demand for corn to feed livestock or produce ethanol, analysts said.
05 May 2021

CHICAGO: Chicago Board of Trade corn futures ended sharply higher on Tuesday after the most-active contract exceeded $7 a bushel for the first time since 2013.

  • Traders continue to focus on unfavorable dryness in Brazil, with some expecting that crop losses could shift more export demand to the United States.

    • Brazil's corn exports are expected to drop to zero in May from 29,991 tonnes in April, according to Anec, a Brazilian group representing grain exporters like Cargill and Bunge.

    • CBOT corn is supported by persistent fears that global supplies will remain tight until the autumn US harvest.

    • US farmers are not rushing to sell crops from previous harvests as they actively plant corn across the Midwest, traders said.

    • So far, high prices have done little to curb US demand for corn to feed livestock or produce ethanol, analysts said.

    • CBOT benchmark July corn settled up 17-1/4 cents at $6.96-3/4 per bushel.