Matif maize rises by 6.25 euros/t

Corn prices continue to rise. The front month June 2024 rose by a very significant 6.25 euros/t and closed at 210.50 euros/t. Follow-on contracts also moved noticeably northwards. Wheat prices provided support. The tense geopolitical situation, particularly following the recent attacks on port infrastructure in Ukraine, continues to provide a tailwind for maize price expectations. Contracts for the new harvest are currently hardly being discussed. In the northwest in particular, some fields are still too wet to be worked effectively and prepared for maize sowing. However, prices on the CBoT were under pressure yesterday. Although contracts started the day with premiums, they were unable to maintain them. Trading was burdened by a further drop in ethanol production volumes. Although stocks have also fallen, the overall effect of this news was bearish. For today's export bookings, traders expect a volume of between 400,000 and 900,000 tons. Pre-market trading in Chicago is currently showing marginal losses.

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