Corn prices fell yesterday. The most traded August contract lost 2.50 euros to close at 223.25 euros/t. The following contracts also trended between 0.53% and 1.0% lower. The outlook for the development of European maize stocks is mostly good. Precipitation and milder temperatures are helping stocks to start up in many regions. In the latest forecast for the European grain harvest on May 30, the EU Commission estimated the harvest at 68.84 million tons. This would not only be significantly larger than in the two previous years, it would also exceed the average of the last five years by 2.69%. On the CBoT, maize also headed south, although the losses were manageable. Corn sowing in the USA is in the home stretch with 91% completion. In addition, corn stocks are in much better condition than analysts had expected in advance. The fact that ethanol production from corn fell significantly in April also had a negative impact.
Source
VR AGRAR
