USDA lowers US corn export target, CBOT corn futures under pressure

On June 12, according to foreign media reports, as of the week of June 9, 2023, CBOT corn futures fell in shocks, the benchmark contract closed down by nearly 1%, and the new season corn fell by 2%.

Despite the recent dry weather in the Midwest, the good and good rate of corn has dropped sharply, which supports corn.

However, with the huge output of Brazil’s second-crop corn on the market, the US Department of Agriculture lowered the US corn export target, and the weather forecast showed that there may be rain next week, which put pressure on corn futures.