GRAINS-Corn hits 8-year high as dry weather in Brazil raises supply concern

Chicago corn futures rose on Monday, building on strength seen last week to hit their highest since March 2013 as dry weather in Brazil raised concerns about global supplies.

 

Michael Hogan, Reuters

via Nasdaq - May 3, 2021

 

HAMBURG, May 3 (Reuters) - Chicago corn futures rose on Monday, building on strength seen last week to hit their highest since March 2013 as dry weather in Brazil raised concerns about global supplies...

 

... “Worry about the Brazilian corn crop and Brazilian dryness continues to be the driver of the corn market,” said StoneX commodity risk manager Matt Ammermann. “U.S. cash corn markets are firm, with farmers out in the fields working on sowings rather than selling their inventories.”

 

“A question hanging over the market is about what will happen to the large volumes of U.S. corn China bought in the last couple of months.”

 

“If this is shipped out it would make U.S. old crop supplies even tighter. But China naturally bought the corn because it needs it.”

 

Brazil's 2020/2021 total corn crop...

 

more

https://www.nasdaq.com/articles/grains-corn-hits-8-year-high-as-dry-weather-in-brazil-raises-supply-concern-2021-05-03