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Corn drops to 4-year low as global supplies rise

21st July 2014

Corn has fallen to its weakest level in four years in commodities trading markets today (July 21st), amid forecasts for increasing global supplies.

This has helped to offset concerns the ongoing tensions in eastern Europe will disrupt shipments from the Black Sea.

On the Chicago Board of Trade, corn for December ​delivery declined by 1.4 per cent to $3.7325 per bushel - the lowest for a most-active contract since July 14th 2010.

Since the turn of the year, futures have slumped by 25 per cent amid expectations a second consecutive bumper harvest in the US will help to boost global supplies. According to the country's Department of Agriculture, domestic output will rise to 13.86 billion bushels, which would be the second highest on record.

Wheat for September delivery dropped by 0.7 per cent to $5.2875 per bushel. The contract added 2.4 per cent on July 17th amid concerns the downing of the MH17 Malaysian Airlines passenger jet in eastern Ukraine would disrupt supplies in the region.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.