Chicago corn prices lowest seen in 2019

Corn prices were in little evolution yesterday and stabilized on the lower levels reached by the end of last week. Prices of the December 2019 contract are now on the lowest level seen this year in Chicago, Agritel writes. 

"First echoes from the Pro Farmer Midwest Crop Tour are disappointing after having visited the north of Ohio and the South Dakota. The potential is respectively seen at -6 and -11% below the level of last year," the report says.

For the soybean, the crop rating is one point below last week with 53% of crops judged in good to excellent conditions. Prices have managed to stabilize just above the technical support of 8.65 $/b on the November 2019’s delivery.

In the context of lower wheat prices, Morocco has announced a tender for US origins as part of the preferential rate import quota. Volumes announced are 576 000 t of soft wheat and 345 455 t of durum wheat.

Earlier it was reported that as of August 18, 2019, corn plantings' condition in the United States deteriorated. Thus, 10% of areas are in excellent condition vs. 20% last year.