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Corn and wheat prices diverge amid global demand and weather forecasts

Published 2024-01-17, 05:38 p/m
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CHICAGO - In the latest commodity market movements, corn futures remained steady while wheat prices experienced a slight uptick, influenced by robust global demand. On the Chicago Board of Trade, March corn held at $4.42 per bushel, despite recently hitting a three-year low. Meanwhile, wheat prices edged higher to $5.825 per bushel, bolstered by significant demand from countries like Egypt, Algeria, and Tunisia.

Soybeans, however, did not fare as well, with futures dropping to $12.0575 per bushel, which is close to a two-year low. This decline is part of a broader market downturn affecting various commodities. Weather developments have introduced mixed influences on the market; anticipated beneficial rains in Brazil offer some hope for crop conditions, yet the country's production forecasts are still compromised due to earlier droughts.

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