Corn falls on Brazil oversupply

Corn futures fell on Friday, pushed down by Brazilian crops production bump and its weak currency, which increases its exports of corn and soy on the expense of US exports.

The Brazilian government revealed large corn and soy harvest, with a portion for export, which is expected to attract buyers, especially due to its weak currency, real, if compared to the US dollar.

Markets are also still waiting to for China to commit to the Phase-One trade deal terms that it has reached with the US in mid-January, especially regarding its purchases of US farm goods.

While analysts fear the coronavirus outbreak will impact the Chinese commitment to the terms of the Phase-One trade deal.

Corn March futures fell 0.5% to close at $3.77 a bushel, after hitting a high of $3.81 and a low of $3.76.