Corn prices finished May in the green thanks to ongoing challenges in South America. Let’s take a look at futures contracts in Chicago and their performance for the month.
- May 2018: +1.2% or 4.7¢ to $3.925 USD / bushel
- July 2018: +1.1% or 4.5¢ to $4.008 USD / bushel
- Dec 2018: +1.1% or 4.5¢ to $4.16 USD / bushel
- Mar 2019: +1.2% or 5.2¢ to $4.235 USD / bushel
December 2018 corn prices hit their highest levels of the year thanks to a string of bullish factors that are driving trader sentiment.
Prices appear to be following a bullish trend and will be aiming to push back top levels not seen since the second quarter of 2016. While exports continue to stay in focus, bullish trends in Brazilian corn production can provide support for higher corn prices (and thus sales) in the summer and fall months.
This month, we specifically focused on:
- Price reactions after the May WASDE report,
- U.S. farmer planting progress,
- And how White House trade policy is poised to shake up the global corn market.
Be sure to sign up for a free 3-week trial at GrainCents as this month could be the most impactful for how and when you price your corn for the rest of 2017/18 old crop supply, as well as a significant portion of your 2018/19 new crop production.