US corn prices declined pressed by weather conditions — Agritel

Yesterday June 25 in Chicago corn prices marked a sharp decline, Agritel reports. The beneficial rains on the corn belt(The Corn Belt is a region of the Midwestern United States that, since the 1850s, has dominated corn production in the United States.) add pressure to an already heavy market.

"The funds accentuate their already historically high net short position," the report reads.

The consultancy writes that soybeans continue to find support in Chinese demand. The latter bought in addition to the American origins, 8.86 mln t from Brazil in May, the highest level in the last two years.

Corn exports were on the low end of the expectations range for corn but satisfactory for wheat.

Learn more: Corn Market in 2019

As of June 1, 2020, corn stocks in Ukraine were lower from last year's and amounted to 3.14 mln t (June 1, 2019: 4.43 mln t), including 1.97 mln t accumulated by agricultural producers, at enterprises engaged in storage and processing 1.17 mln t.