As the extreme volatility and extended price limits played out in the markets this week, Joe Vaclavik of Standard Grain says the main issue traders are watching are possible changes to corn acreage this year.
The unexplained suspension of operations of a key Chinese agricultural data provider has left traders, analysts and brokers scrambling for other sources of information on one of the world's most important farm markets.
Dry weather and poorly timed planting are weighing on Brazil's second corn crop this year, reviving fears of another surge in feed prices like the one that battered big meatpackers after a 2016 drought.
USDA confirmed on Monday China purchased?just over 1?million metric tons of new crop corn, but the country also canceled 280,000?metric tons of old crop corn. The buying spree signals tight supplies could continue.