Corn prices rise despite strong US production data

Corn prices rose during trading today as it also ended last week session even higher, despite a report by the US Department of Agriculture, which indicated an improvement in crop production in the country.

Corn prices have jumped to their highest levels since June despite increased supply and positive outlook on US crops.

However, analysts say that many factors affect corn prices and not only the supply that moves prices, but US exports, which jumped in the marketing year (2018-2019) to 2.1 billion bushels with expectations of further rise.

Corn production in Brazil and Argentina reached 3.98 billion and 2 billion bushels respectively, and their exports are expected to rise next year.

Trade negotiations between the United States and China continue to raise concerns in the markets, and there is still no sign of a near-agreement.

In terms of trade, by 14:22 GMT, maize futures (December delivery) rose by 0.7% to $444.2 per bushel, hitting a high of $447 and a low of $437.5.