July 10th, according to media reports, as of the week of July 7, 2023, global corn prices are under heavy pressure and it is difficult to start a sustained rebound.
Short-covering slowed losses in corn following a 16 percent plunge last week. However, due to increased rainfall in the Midwest of the United States, the good-to-excellent rate of corn rebounded slightly.
The increase in corn planting area in the United States and the launch of the second season corn in Brazil are likely to constitute a double pressure on the supply side for any rebound in corn prices in the next few months.
According to a survey of 19 institutions, analysts expect the U.S. Department of Agriculture to lower the U.S. corn yield by about 5 bushels per acre, from 181.5 to 176.6 bushels per acre; corn production will also be lowered to 15.234 billion bushels, That was slightly lower than the June forecast of 15.265 billion bushels.
The prospect of loose supply will limit any upside attempts for U.S. corn unless the U.S. corn situation declines sharply under the influence of bad weather, with a huge crop of Brazilian second-crop corn coming to market on a large scale.
