Chicago corn extended losses, hitting the lowest in four months, as an outlook for ample US supply and prospects for peace in the Black Sea region weighed on prices. Stone X Group Inc. lifted its forecast for US corn production to 16.203 billion bushels from a previous estimate of 16.115 billion bushels. The advisory also raised projections for the country’s soybean yield and output, according to its latest survey released Tuesday.
Part of the weakness may also be attributed to scheduled trilateral peace talks between Ukraine, Russia and the US in Abu Dhabi next week, which has further raised optimism the Black Sea conflict may be headed for a conclusion, The Hightower Report said in a note. The negotiations are set to be held on Nov. 10-11, according to announcements from both the Kremlin and Kyiv.
The most actively traded corn futures on Chicago Board of Trade fell as much as 0.9%, hitting the lowest since beginning of July on an intraday basis. Soybean and wheat futures also declined as much as 1% and 1.4%, respectively.
Harvest pressure has also weighed on grains prices.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing