Corn prices give way and leave their 14-month high

Chicago corn futures prices are down again this morning. The COVID-19 pandemic is affecting the global economy. However, the corn prices had risen sharply for three months in a row because the demand is extraordinarily good.
In October the price of corn futures rose by almost 5%, and in the last three months by as much as 22%.
Recently, the demand for soybeans, corn and wheat on the world market has been strong. Importers who did not anticipate this development are now paying much more and running after the sellers.
This week, however, the tide turned on stock exchange prices, because the global economy is suffering heavily from the consequences of the corona pandemic.
In Asia, the prices of many stocks fell for three days because of the upcoming presidential election in the US. However, the stock index is still higher in October than in September. Worldwide, daily infections with the corona virus rose by more than 500,000 yesterday - a new record.
The USDA yesterday reported overseas sales of 2.244 million tons of corn, well above the expectations of market participants who expected 700,000-1.5 million tons of export orders for the week.The orders from Mexico that want to take over US corn in December were noticeably high.
The International Grains Council yesterday lowered its forecast for global corn production by five million tons due to smaller harvests in the US, Ukraine and the European Union.

Hansa Terminhandel GmbH
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