Weather weighs on US corn prices

Corn was unable to continue the trend of the past few days on Thursday. Contracts ended the penultimate trading session of the week with losses. The front month June lost 3 euros to a closing price of 207.50 euros/t. The losses were somewhat smaller for the follow-up contracts. Nevertheless, a considerable price gain remains for the week to date. The EU Commission expects maize production of 68.98 million tons for the coming season. In the previous year, 62.27 million tons were produced. The average harvest volume is therefore likely to be exceeded by 3.6 percent. For Germany, on the other hand, the Commission continues to expect a reduced harvest volume compared to the previous year. A harvest of 4.18 million tons is expected, compared to 4.25 million tons in 2023. Nevertheless, the average of the last five years will also be exceeded in Germany by around 4 percent. Corn prices on the CBoT rose yesterday, but are trending in no clear direction this morning. Last week's export bookings of 1.3 million tons were well above analysts' estimates, but positive weather conditions in the Corn Belt are weighing on the other side.

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