Corn futures dropped to $4.4 per bushel, the lowest since March 9, and are on track for a fourth straight weekly loss as ample global supplies weigh on the market. The USDA kept its forecast for US corn inventories unchanged at 2.127 billion bushels, just below expectations of 2.128 billion but still the highest in seven years. The agency also lifted its season-average farm price by 5 cents to $4.15 per bushel, citing “reported prices to date.” Globally, the USDA left South American production forecasts untouched, maintaining Brazilian output at 5.197 billion bushels and Argentine production at 2.047 billion bushels, defying expectations of modest increases. Global ending stocks rose to 294.81 million metric tons, up from 292.75 MMT in March and above the trade’s average estimate of 293.07 MMT.
