Corn decreased 12.26 usd/bu or 2.60% since the beginning of 2024, according to trading on a contract for difference (cfd) that tracks the benchmark market for this commodity. In contrast, corn finds itself navigating a potential stock build of 15 million metric tons for crop year 23/24, pushing ending stocks to the highest.
The corn price provided clear negative trades in the previous sessions, moving away from the $461.90 level, reinforcing expectations of continuing the bearish trend. Trading economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news.
The Production And Use Projections For 2024/25 U.s.
The forecast market year average price for 2024/25 is $4.40, forty cents lower than the $4.80 market year average price expected for 2023/24 and more than $2 lower than the $6.54 price for 2022/23.
โBetween 2024 And 2026, We Expect The Global Corn Sector To Generate Consistent, Increasing Production Surpluses, Which Will Serve To Weigh On Prices, As Reflected In Our Corn Price Forecasts:
Corn prices are posting higher trade action ahead of export sales data, with contracts up 4 to 5 cents.
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The Production And Use Projections For 2024/25 U.s.
This trend targets $449.20 as the next main station.
Corn Price Provided Additional Positive Trades To Test 461.90$ Resistance Line, And It Might Rebound Bearishly Affected By Stochastic Negativity To Head Towards Testing The Key Support 449.20$, And As We Mentioned Yesterday, The Price Needs To Surpass One Of These Levels To Detect Its Next Destination Clearly, Which Makes.
Usda projected the 2024 national average corn price of $4.40 with soybeans at $11.20.