CORN: Eased to $7.4 per bushel, edging down from its 10-month high of $ 7.65 hit on March 11th amid expectations of lower demand from top consumer China because of rising COVID-19 cases in the country.
At the same time, traders continue to monitor the escalating tensions between Russia and Ukraine, the two major corn exporters. Earlier, Ukraine suspended commercial shipping at its ports after Russian forces invaded the country while Russia had to pause grain trade following West’s trade sanctions on Moscow.
Meanwhile, the USDA sees 2021/22 global corn ending stocks at 302.2 million, down 0.9 million from last month’s projections as production increases in India partially offset the declines in Argentina and South Africa.
