Commodities Corn Hits 3-1/2-year Low
Corn decreased to a 3-1/2-year low of 394.50 USd/BU. Over the past 4 weeks, Corn lost 13.16%, and in the last 12 months, it decreased 24.48%.
What is Corn?
Corn is a staple commodity utilized for various purposes, including food, animal feed, and biofuel production. The market experienced a substantial bearish movement recently.
Why is Corn going down?
CORN commodity is down 5.4% on Jun 28, 2024 16:35
- Prices of Corn plummeted to a 3-1/2-year low, suggesting a prolonged downward trajectory.
- The persistent decline in Corn prices in recent weeks and months reflects a pessimistic outlook among investors.
- Several factors, including oversupply, diminished demand, and global economic uncertainties, likely played a role in the sharp drop in Corn prices.
CORN Price Chart
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Corn Price History
14.04.2024 - CORN Commodity was up 5.0%
- The bullish movement in corn prices was primarily driven by indications of lower-than-expected ending stocks for the 2024/25 season, both in the US and globally.
- Supply challenges in major corn-exporting countries like Argentina and Brazil, such as dry weather, stunt disease, floods, and transportation hurdles, contributed to the bullish sentiment in the market.
- Concerns about potential supply disruptions due to climate events and technical setbacks, along with the anticipation of a key report, kept traders on edge and supported the upward movement in corn futures.
- Overall, the combination of reduced ending stocks, supply challenges in key exporting countries, and technical factors led to the bullish movement in corn prices despite some slight easing in the market.
28.02.2024 - CORN Commodity was up 1.7%
- Chicago corn futures stabilized around $4.4 per bushel as investors awaited the agriculture report, indicating a sense of caution in the market.
- Anticipation of minimal variation in total corn acreage compared to last year's high suggests stability in the supply side, potentially supporting prices.
- The lowered output forecast by a major corn-producing country and concerns over weather conditions in other key producing countries may have contributed to the bullish sentiment by raising supply concerns and potential crop damage, respectively.
- Overall, the combination of these factors likely led to the bullish movement in the corn market today.
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Morpher is not liable for the content of the AI investment insights. Like most GPT-powered tools, these summaries may contain AI hallucinations and inaccurate information. Morpher is not presenting you with any investment advice. All investments involve risk, and the past performance of a security, industry, sector, market, or financial product does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs. These summaries do not constitute investment advice.
