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Market Update: Corn at Over 1-Week Low
Chicago corn futures fell to over a 1-week low below $6.6 a bushel, on forecasts of cooler US Midwest weather and as Argentina’s corn production estimate was increased to 48 million tonnes from a previously estimated 46 million tonnes. Meantime, the USDA export sales report showed corn sales surge 50.6% year-on-year to 16,386 metric tons in the week ended June 3rd. The USDA crop progress report pegged the US corn in good to excellent conditions at 72%, 2pp short from estimates and 4pp below the previous reading. [/s2If]
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