COM - U.S. corn futures fall to nine-month low as China cancels another sale

2023-04-27 18:20:11 ET

Corn futures in Chicago sank to a nine-month low Thursday, as China canceled more previously purchased orders for U.S. corn, and wheat futures fell for a seventh straight session to touch a 21-month low.

CBOT corn ( C_1:COM ) for July delivery closed -3.2% to $5.81 1/2 per bushel, dropping below $6 for the first time since July 2022; July wheat ( W_1:COM ) finished -2% to $6.29 1/4 a bushel, after falling to $6.25 1/2, the lowest on a continuous chart since July 2021; and July soybeans ( S_1:COM ) settled -0.8% to $14.03 3/4 a bushel.

ETFs: ( NYSEARCA: CORN ), ( WEAT ), ( SOYB ), ( DBA ), ( MOO )

The U.S. Department of Agriculture said China nixed an order for 233K metric tons scheduled for delivery in the 2022-23 marketing year, raising total corn exports canceled this week to 560K tons, which traders said is a reaction to the availability of cheaper exports from Brazil.

Rain this week in the southern U.S. Plains has eased concerns about drought regarding hard red winter wheat.

Meanwhile, wheat futures have been falling despite rising Russian threats to pull out of the Black Sea grain deal after May 18 unless the deal is revised to help Russian grain and fertilizer exports .

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