Corn Prices

Corn prices averaged USD 436 cents per bushel in March, up 3.1% from February. On 29 March, the commodity traded at USD 442 cents per bushel, up 6.3% from 29 February.

Corn prices rose at the sharpest average monthly pace since June 2023 in March, as February’s drop in prices fueled demand, particularly from China. The USDA’s annual report on prospective plantings was also bullish for prices, with the agency estimating that U.S. acreage would fall 5% year on year in 2024, sharply below market expectations. That said, record expected global stocks this year due to overproduction in the U.S. should have tempered market jitters somewhat.