Corn Prices Hit Lowest Level Since November 2020, Closing at $4.04 Amid Market Shifts

Corn prices have reached their lowest level since November 2020, closing at $4.04. This decline follows a key reversal left by a bullish USDA report, which failed to sustain gains from the past two sessions. Southwest Nebraska basis for new crop corn has shifted from +10 to -20 over the past three weeks, indicating a significant change in market sentiment. Additionally, there is an expectation of a large corn crop, contributing to the downward pressure on prices. The market is also seeing an accumulation of wheat stocks. There is speculation that corn prices might see a $3.99 print.