US - Chicago maize prices (May-15) have declined by $19.2/t since 1 July this year. May-15 maize futures closed at $154.6/t on Thursday (6 November), down $1.2/t since last Thursday’s close (30 October), writes Anna Lockwood, Trainee Analyst, AHDB/HGCA Market Intelligence.
Despite the downward price trend, May-15 futures prices are currently sitting $4.8/t above the 21 day rolling average, although this may be short-lived.
At the end of October, prices were $21.8/t higher compared with the start of the month mainly due to concerns regarding delays with the US maize harvest. This saw prices move above the rolling average.
As at 2 November, the US maize harvest was 65% complete and although this is behind last year’s progress and the previous five-year average, it is a marked improvement on the 46% of maize harvested a week earlier.
As the realisation of the record US maize crop becomes closer, it likely that prices will again move lower.
TheCropSite News Desk