Strong US dollar a burden

IGC cuts maize forecast for 2024/25 by 7 million tons

The June corn contract on Euronext/Matif gained yesterday and ended the trading day with an increase of EUR 1.75. Since last week Friday, maize in the June futures contract has thus gained a total of EUR 2.75 per tonne. Support is coming from the wheat price. The ongoing tense situation in Ukraine is also giving corn prices a tailwind. The International Grains Council has cut its forecast for global maize production in 2024/25 by 7 million tons compared to its March forecast. The forecast now stands at 1.226 billion tons. Lower harvest expectations in the USA are responsible for the cut. The USDA published last week's export bookings yesterday. It was possible to sell 501,200 tons from the current season. This is both more than in the previous week and the average for the last four weeks. This figure was exceeded by 45%.

Strong US dollar a burden
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