Specifically, the December 2022 contract is down 3 cents as deliveries approach. It ended the session at $6.6575 a bushel, down 0.45%.
The March contract was traded at US$ 6.695 per bushel, down 0.26%.
The United States Department of Agriculture (USDA) projected the 2022/23 Brazilian corn crop at 126 million tons, an increase of 10 million tons compared to the previous year.
On the B3 exchange, the retraction was more pronounced. Corn futures for January 2023 fell 1.94% to BRL 88.50 per 60-kilogram bag, while the contract for March fell 1.7%, trading at BRL 91.87 per bag.
In addition, estimates for Canadian production data point to a volume of 14.8 million tons. The previous estimate, released in September, was 14.9 million tons.
The agency APK-Inform expects the 2022/23 Ukrainian corn crop to be 27.9 million tons. Ukraine's Ministry of Agriculture said corn shipments had reached 9.1 million tonnes since July, up 66% from last year's pace.
Finally, the European Union Commission lowered its corn production forecast by 1.6 million tonnes to 53.3 million tonnes , citing summer drought. This increased the block's import needs by 1 million tonnes for 2023.