Chicago corn gained ground at the start of the week. Prices are supported by the coverage of short positions after the market fell to its lowest level in over three years last week.

The most active corn contract on the Chicago Board of Trade (CBOT) rose 0.5% to 4.15-3/4 a bushel, at 0119 GMT, after falling to the lowest level since November 2020 last week. The increase in stocks of maize, mainly used to feed animals and as biofuel, is a headwind for prices, which have fallen by almost 12% so far in 2024. The sharp drop in prices this year is affecting farmers around the world, especially those who are on track to harvest in the coming months. Maize exports from Argentina, the world's third-largest supplier, are expected to increase by 53% compared to last season, thanks to abundant rainfall supporting an estimated harvest of 57 million metric tons, a record.

Soybeans rose for the first time in four sessions, while wheat recovered some of the losses suffered in the last session. Soybeans rose 0.4% to $11.46-3/4 per bushel and wheat rose 0.5% to $5.72 per