Corn Hits Under $6

Corn closed at $5.89. Down from last week's $6.21, and the first time under $6 since November 2021. China canceled several more loads of corn contributing to the decline.  Additionally, china is buying corn for the first time from South Africa.  An expected big crop this year, reduced demand for export and we could be seeing much lower corn prices once we get into new crop.  The new crop is 65% planted now and moving along.  Things are looking good on the corn front.  Soy oil is moving lower again, and these commodities could really help reduce overall inflation as they are an essential ingredient in so many products.   USR AND UKR agreed to a 60 day extension on safe passage in the black sea.  These moved wheat a bit lower too.  Overall the grain category is supporting lower costs, that’s all good news.   Savalfoods.com | Find us on Social Media: Instagram, Facebook, YouTube, Twitter, LinkedIn