CBOT corn falls due to smooth harvest work

Chicago, October 10th News: On Thursday, corn futures on the Chicago Board of Trade (CBOT) closed down, with the benchmark period closing down about 0.7% as the US corn harvest progressed smoothly.

As of the close, corn futures fell by 1.25 cents to 2.50 cents, with the 12-month futures falling by approximately 2.50 cents to close at 418.50 cents per bushel; The March period fell by about 1.75 cents, closing at 436.25 cents per bushel; The May term fell by about 2.25 cents and closed at 445 cents per bushel.

The most active trading range for the 12-month term is between 418 cents and 424 cents.

The weather forecast shows that most parts of the Midwest in the United States will experience warm and dry weather in the coming week, which will continue to accelerate the pace of autumn grain harvest for farmers.

Traders adjusted their positions ahead of the USDA's supply and demand report on Friday. Considering the dry weather in the late stage of corn growth in the United States in 2024, the market is closely monitoring whether the US Department of Agriculture still expects corn yields to reach a historic high in the October supply and demand report.

Some analysts speculate that the government may lower its estimated corn yield in the United States due to dry weather during the late stages of corn growth.

The weekly export sales report of the US Department of Agriculture shows that as of the week of October 3, 2024, the net sales volume of corn in the US for 2024/25 was 1222100 tons, lower than 1684100 tons a week ago. This data is in line with market expectations.

Türkiye's Ministry of Trade said on Thursday that Türkiye will allow to import 1 million tons of corn at a tariff rate of 5% until the end of this year.

On Thursday, the estimated trading volume for the benchmark period was 151461 lots, compared to 131127 lots on the previous trading day. The short position is 729095 lots, compared to 731486 lots on the previous trading day.