Cocereal expects a 64.3 million tonnes of corn harvest in the EU+UK

Corn rose yesterday in the front month of June 24 and increased by 1 euro to 187.75 euros/t. The European trade association Cocereal assumes that corn production in Europe and Great Britain will be higher than previously assumed. Currently 64.3 million tons are expected. In the previous year, 62.5 million tons were taken from the fields. In Ukraine, on the other hand, corn production is expected to decline significantly compared to the previous year. The industry association UGA assumes that the corn harvest will be 3 million tons lower than last year at 26.3 million tons. The contracts on the CBoT moved marginally weaker and thus continued their sideways movement. Weak crude oil prices on the one hand and Mexico's increased demand for corn on the other hand do not currently give the contracts a very clear direction. In addition, new import statistics from China show that the Middle Kingdom has recently met its corn needs primarily in Brazil. At the same time, however, US processors are producing more ethanol. Production volumes have continued to rise and inventories are growing. However, positive tendencies are evident in Chicago today before the trading session.

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