U.S corn futures were down 1,80% at 685.50 on Thursday.
Grain prices were relief on Monday after a ship left a Ukraine port with fully loaded corn for the first time since the UN-brokered deal came into force
On Tuesday US Corn futures session ended with fractional to 31/4 cent losses. March contracts were above the $7/bu mark at the high of the day, and the December contract stalled just 1 ¾ cents after the CPI data released the US Dollar index rose around 1600 points.
CBOT December Corn Futures have bounced 18%, but endured 13.4% under the may high, Yesterday Dalian Corn Prices were close at 2,740 yuan /MT($10/Bu). that is up 7.5% from August, but still down from the April high
WASDE report scheduled for Monday, estimates expect USDA to lower the corn yield by a minimum of 3bpa to 172.4, According to a high-end report, estimates expect a half bushel cut with the lowest price estimate looking for 170 flat
USDA’s August forecast was 14.359 bu, In the September report, Brazil’s CONAB cut their 21/22 corn crop by 1.2MMT to 113.3 MMT.
According to Census data, corn was down from 5.476 MMT during the last season of July. Sep22 Corn contract was $6.74, down by 21/4 cents, Dec 22 Corn contract was $6.68, down by 10.5 cents, Mar 23 Corn Contract closed at $6.73 1/4, down 10.5[ cents.
The wheat market rebounded on Thursday
LONG-TERM TECHNICAL ANALYSIS
This daily chart of U.S Corn futures indicates that the market is going in an uptrend. Currently, it is moving above all SMA. RSI is in buying zone which indicates bullishness, MACD is above zero which indicates bullishness