Corn prices in Chicago hit lowest levels since last May

Corn prices rose slightly in Chicago yesterday bouncing on its support, which was the lowest levels since last May, Agritel reports.

"Weather forecasts suggest a slight drop in temperatures in the coming days, raising doubts about crop development. If early frost in the coming weeks is confirmed, it could affect corn yields. So, the funds are repositioning themselves on purchases taking advantage of lows of the year," says the report.

As for soybean prices, they find support due to future weather conditions as well. The downside trend of Canadian canola production also provides support for the US soybean market.

"As a reminder, the planting areas decreased in Canada, and the harvested area is announced by StatsCan, down by -8.3% vs last year, at 20.7 M acres. In this context, canola production is estimated to decrease at 18.5 Mt, down by -9.3% vs 2018," analysts add.

US wheat prices, on the other hand, have changed little, showing a slight decline in an international context where harvest volumes are important in the Northern hemisphere, the consultancy notes.

On August 27th, soybean prices registered a new decline in a still complicated context between China and the USA. In addition, the US crop ratings of this week showed an increase of 2 points on this product compared to last week