The CBOT corn futures contract price [Mintec Code: CRNC] settled at USc 464.6/56 bushel, down 1.27% week-on-week at Friday’s close, 1st September 2023. Corn futures prices fell last week, reaching a new yearly low. According to market players, the next few weeks will be crucial for the market in terms of US weather development. The renewed heat in the US could potentially lower corn yields, although the risk of a corn price increase is easing due to plentiful global supply and lacklustre demand. Market players are also monitoring US export sales and developments in the Black Sea region. The US corn export pace has been sluggish so far, with market players reporting that corn exports are down approximately 35% year-on-year, at around 38 million mt in August. This ultimately signals that for this season, the main dominating corn exporter will be Brazil. Mintec learned that Mississippi water levels are still the subject of concern, which is one of the obstacles to the recovery in demand.
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