U.S. corn futures fell to their lowest levels in nearly three years on Monday, as traders said an expanding Midwest harvest added to fears of a supply glut at a time of weak export demand for U.S. supplies.
Chicago Board of Trade corn prices have fallen 30% this year, as analysts believe stockpiles could reach their highest in a decade while huge shipments from Brazil reduce overseas demand for U.S. corn.
Benchmark CBOT December corn (C_1:COM) closed -1% to $4.71 1/2 per bushel, after hitting $4.69, the lowest price for the most-active contract since December 2020.
Wheat and soybeans also fell Monday, following the weaker trend, with CBOT December wheat (W_1:COM) ending -2.2% to $5.91 1/4 per bushel, as large supplies from Russia continued to flow onto global markets, and November soybeans (S_1:COM) settling -1.8% to $13.16 3/4 per bushel, after falling to $13.15 1/2, the front-month contract’s lowest in a month.
ETFs: (NYSEARCA:CORN), (WEAT), (SOYB), (DBA), (MOO)
Wheat gave back some of Friday’s gains, AgResource analysts said, noting Black Sea grain flows were weakening wheat prices, while in the U.S. “harvest efforts remain unobstructed by weather.”