On Thursday, corn futures rose as investors compensated ahead of a US government report that may show a plummet in stocks.
In the Asian afternoon session, corn futures expiring in May increased by 0.55% to $4.36 per bushel ahead of the US Department of Agriculture (USDA) crop report and Brazilian agency Conab’s national crop outlook on Thursday.
According to reports, traders are closely monitoring the country’s corn and soy rating conditions, which are anticipated to boost in the succeeding weeks.
Moreover, an expert reported that Argentina’s good weather conditions supported the corn, although he warned that crop stunt disease was affecting yields.
Meanwhile, analysts expect that the USDA data for corn from 2023 to 2024 will decline from last month’s 2.17 billion bushels to 2.10 billion.
Furthermore, weekly export sales for Thursday are anticipated to be between 750,000 tons and 1.3 million tons.
On the other hand, an analyst said that the primary feature of the market will remain to be positioned ahead of USDA reports.
Reports show that Chicago Board of Trade (CBOT) corn futures gained respective increases amid weather concerns. However, worries about dry weather in the US southern Plains caused wheat crop prices to surge.
North American Weather Watch as Corn Remains Stable
According to reports, North American weather conditions should become a crucial factor as farmers turn their assistance to spring seedlings.
Analysts expect that corn will be placed at support levels in its May contract, unlike other grain markets.
Meanwhile, an agricultural strategist said that as the weather market approaches, he anticipates prices to cut.
Moreover, USDA’s report could determine some near-term direction before attention returns to the forthcoming new crop.
On the other hand, analysts were leaning toward a bearish stance. They said that if consumers do not get something bullish out of it, they anticipate being in trouble until they reach some sort of weather issue.
