Due to the storm, they forecast a 9% drop in the US corn crop.

The United States Department of Agriculture (USDA, for its acronym in English) has cut 9% of the US corn crop scheduled for the 2019/20 season due to excessive moisture during the planting period. The instability generated by the data in the Chicago grain market and prices have skyrocketed.

According to the new monthly report with estimates of global grain supply and demand, maize production is estimated at 347.4 million tonnes, 34.3 million below the previous 381.7 million. If it materializes, this volume of production would be the lowest since 2015/16, said the Rosario Stock Exchange.

For Argentina, the USDA anticipates superior production for the next 2019/20 corn season which is expected to reach 50 million tonnes.

As for prices, in Chicago, commodity values ​​were changed as the monthly estimate from the USDA surprised. There have been significant increases in the futures market and wheat closed up (the July contract rose from $ 3.86-26.06 to $ 190.33) and reversed the initial decline

For their part, corn contracts closed the wheel with considerable increases, which in the 07/19 contract went from $ 4.72 (2.88%) to $ 168.40 a tonne.

As, soybean futures close the wheel with light hikes in all items (the 07/19 contract increased from $ 0.28 (0.08%) to $ 315.72 per tonne).