US Corn Spot Prices Surge Sharply Due to Delayed Planting
Corn, as a crop, is very important to many industries today. It has many uses: it can be used as feed, for industrial processing, for corn starch, and for corn-based sugar. Its price is also fairly affordable, but recently there have been reports thatUS corn spot prices have risen sharply. What is going on here?
On May 30, it was reported that US corn spot prices rose sharply, mainly due to delayed planting.
In the US Gulf, No. 2 yellow corn is now quoted at as high as 5.0575 US dollars per bushel. At this price, it comes to 199.1 US dollars per tonne, up 18.5 cents from the previous trading day's price. This is a very large increase, much bigger than the previous increases.
And the basis in the Louisiana Gulf is 69 cents to 70 cents above the CBOT July corn futures price. This price increase figure is astonishing. In the central region of Illinois, the average price of No. 2 yellow corn bought by corn processing plants is 4.3125 US dollars per bushel, up 16.5 cents from the previous average price. The basis quotation is 17 cents below to 7 cents above the CBOT July corn futures price. This means a big loss for corn processing plants. Therefore, the prices of goods generally produced by corn processing plants will also rise accordingly.
On the same day, corn futures on the Chicago Board of Trade also closed sharply higher. During this period, the July corn contract closed 17.5 cents higher at 436.25 cents per bushel; the December contract closed 16.5 cents higher at 452.25 cents per bushel. Compared with previous corn futures closes, the overall difference is huge.
Seeing US corn spot prices rise sharply, are you wondering whether corn prices in our country will also fluctuate?
