Corn prices averaged USD 416 cents per bushel in October, up 1.7% from September. On 31 October, the commodity traded at USD 411 cents per bushel, down 3.3% from 30 September.
Supply concerns and rising demand drove October’s increase. On the supply side, market concerns rose regarding shipping disruptions in the Black Sea region, and the USDA cut its projections for both U.S. supply and stocks in 2024/25. Regarding demand for U.S. corn, forecasts remained robust, with the USDA raising slightly its 2024/25 use projections. That said, the fastest harvest in the American Midwest in years plus a stronger U.S. dollar later in the month tempered the price rise.
This chart displays Corn (US¢/bu) from 2022 to 2024.
Corn CBOT (prices in US¢/bu, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Corn CBOT | 658 | 617 | 489 | 479 | 438 | 445 | 395 | - |