US corn prices showed a recovery at the beginning of the week. After interim contract lows, the most important CBOT futures rose between 4 and 6 US cents on Monday. The July contract closed at 412.75 US cents/bushel (+9.75 US cents), while the December contract rose to 418 US cents/bushel (+5.75 US cents).
According to the USDA, 74% of corn fields are currently in good to very good condition - the highest July figure since 2016. In addition, 34% of fields are already in panicle emergence, 1% above average. On the weather side, abundant rainfall is once again forecast for the US Corn Belt this week, further supporting expectations for a strong fall harvest.
At 1.287 million tons, exports were weaker than in the previous week (-17.7 %), but significantly higher than in the previous year (+17 %). The largest buyers were Mexico, Japan and Brazil. Since the beginning of the marketing year, 57.8 million tons have been exported - an increase of around 30% compared to the same period last year.
Corn prices on Euronext in Paris were stable. The November 25 forward was unchanged at €198.75/t. The other contracts did not move either. The market is waiting for new impetus, including from Brazil, where, according to AgRural, only 40% of the second maize harvest has been harvested so far - at the same time last year, the figure was 74%.
Politically, the situation remains tense: US President Trump once again announced punitive tariffs of 30% on imports from the EU and Mexico, starting on August 1. The markets are closely monitoring possible counter-reactions from importing countries.
