Chicago Board of Trade front and back-month corn futures notched lifetime lows on Wednesday on expectations of a hefty Brazilian corn crop and a lack of weather threats for the large U.S. corn crop that has recently been seeded, traders said.
The Great Plains have long been celebrated for the “amber waves of grain” in the popular hymn “America the Beautiful.” The region’s states produce most of the U.S.-grown crop of hard red winter wheat, favored by bakers for bread. But with prices hovering around $5 (C$6.86) per bushel, U.S. wheat farmers have reached an inflection point, with many forced to either lose money, feed wheat to cattle or kill off the crop.