Corn cultivation in South America remains problematic

Spurred on by the wheat price, maize also made significant gains at the start of the week. The June contract in Paris climbed by 7.25 euros/t to a closing price of 209.25 euros/t. Further bullish news came from the maize market itself, particularly at international level. The situation in South America remains tense. In Brazil, it is hot and dry, while in some parts of the country the maize plants are being negatively affected by flooding. In Argentina, the insect plague that causes disease in maize plants continues to spread. The harvest is therefore likely to continue to shrink. In the USA, corn sowing appears to have made good progress despite the rainfall in the Corn Belt. According to yesterday's USDA report, 36% of the targeted acreage has been planted, which is another 9 percentage points more than in the previous week, but somewhat slower than the average of the last 5 years. The export figures published yesterday show solid demand.

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