International Corn Prices Weaken on Low Export Forecast

International wheat and corn prices weaken on low export forecast. USDA has made some minor changes in the World Agricultural Supply and Demand Estimates report. The export forecast for corn remained unchanged at 1.892 billion bushels. However, it came down by 15% from 2.221 billion bushels in 2018-19. In 2019-20, the export forecast of corn stood at 1.725 billion bushels, 50 million bushels less than in January. The unchanged forecast was the result of slow shipments and an increase in the projection of corn use in ethanol.

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