A big fall in US corn crop harvest size helped prices to accelerate. The bullish phase in the global maize market remains the same and the price has reached a 2-month high. Maize has started going up again as analysts have forecasted a fall in production in the US and it will result in tight global supply conditions.
At the Chicago Board of Trade, wheat futures were up 0.7 percent at $6,69 and the price was the highest on June 24. There was a report of a sharp uptrend after a Pro farmer Crop Tour’s visit as they projected the production will hit a historic low.
The US corn crop was estimated at 13.759 billion bushels (about 26 kg) by the advisory service Pro Farmer. It is the lowest crop since 2019 and lower than the government estimate of 14.359 billion bushels.
Maize, wheat and rice have become important commodities in the global market at this time and these commodities have shown huge ups and downs in the year 2022. In March, there was a boom due to the Ukraine-Russia war. The prices have dropped recently, but now due to less crop in America, the uptrend is expected in maize.
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