Commodities
Maize Prices Soar on Disappointing Crop Prospects
The Pro Farmer crop tour in the US reported disappointing maize crop prospects, sending grain futures prices soaring last week.
The tour forecasted a 10% drop in US maize crops from last year's record, with yields down by 7%. This is a larger decline than predicted by the USDA, which forecasted a 6% year-on-year fall in production.
In contrast, wheat futures showed smaller gains, with Dec-26 Paris wheat futures gaining only 0.7%.
The conflict in the Black Sea continues to impact global grain markets, with the International Grains Council (IGC) cutting its forecast for world wheat production by 4.3 Mt to 816.7 Mt last week.