Corn futures are higher on Friday but are trading below the session’s best levels after the US Department of Agriculture reduced its forecast for US corn exports and raised its expectations for ending stocks for the 2022/2023 market year. The agency cut its forecast for US corn exports by 75 million barrels, citing competition from other exports and “relatively” high US prices. It also increased ending corn stocks by 75 million bushels. The most active corn contract in March
CH23,
rose 2½ cents, or 0.4%, to $6.45 a bushel in Chicago after trading as high as $6.49¾. Next season, however, the US “must start rebuilding grain stocks to avoid further tightening supply from current levels,” said Sal Gilbertie, president and chief investment officer at Teucrium Trading. “Any further deterioration in oversupply levels could increase the potential for sustained food inflation, but it’s just too early to predict next year’s harvest.”
