CBOT corn prices remained unchanged last week


Over the period under review (October 26 - November 02), CBOT corn prices remained at the previous week’s level. The US corn spot prices (November delivery) strengthened by USD 2/MT. Brazilian corn supply prices increased USD 1/MT, Argentinean corn retained its competitiveness (+USD 1/MT), reports UkrAgroConsult.

Strengthening of the US dollar, as well as the improvement of weather conditions for corn harvesting in the USA, pressured CBOT futures the most last week. Information on devaluation of the national currencies in Brazil and Argentina appeared to be another bearish driver.

As of October 29, corn harvesting results in the USA remained below the many-year average. The US farmers gathered corn from 54% of the intended area (73% last year and 72% - the five-year average).

At the end of the week, the reduction was offset by data on the US corn large volume sale to Mexico.

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