As of the week ending May 19, 2023, global corn prices continued to decline. Chicago corn futures reached their lowest level since November 2021 as the market attempted to price in a record global corn supply. The upcoming second season of corn production in Brazil is expected to reach a historic high, while domestic prices have hit a 33-month low. This has led Chinese buyers to cancel their orders from the US once again. The favorable planting and growth conditions of new season corn in the United States are putting pressure on the risk premium in corn prices.