Brazil's Agriculture Minister Tereza Cristina Dias on Thursday confirmed the government expects to harvest bumper soybean and corn crops despite planting and harvesting delays in 2020.
The US Department of Agriculture's Buenos Aires office last week projected the corn crop at 47 million tonnes, a half million below the agency's official estimate, due to drought damage.
The bulk of Mexico's corn imports come from the United States, its top trade partner. In the year through November, Mexico had imported 13 million tonnes from the United States.
Hot weather has prompted Argentina, the world's top exporter of soymeal livestock feed, to shave its estimate for its upcoming soy crop to 46 million tonnes, from 46.5 million tonnes earlier.
A break below $6.66-1/2, now a support, may cause a fall to $6.58-1/2. On the daily chart, the correction from $6.93 ended around $6.29, the 61.8% retracement.
A hammer forming on Tuesday, signaling the completion of the drop triggered by the resistance at 3,290 ringgit. The contract is poised to break this resistance and rise towards 3,431 ringgit.