Corn prices were weaker in the middle of the week. Despite a new trade agreement between the USA and Japan, there was a lack of clear impetus in trading. Futures prices fell slightly, with September futures dropping by 0.75 US cents to 398.50 US cents/bushel.
The trade agreement with Japan, which provides for tariffs of 15% from August 1, is intended to expand rice imports, among other things. Japan plans to purchase agricultural goods worth 8 billion US dollars. However, corn was not directly mentioned in the official US factsheet.
The weekly EIA figures on ethanol production provided bearish impetus. There was a decline in production of 9,000 barrels per day to 1.078 million bpd. At the same time, inventories rose by 809,000 barrels to 24.444 million barrels.
According to the USDA, sales figures of between 100,000 and 800,000 tons of old crop corn are expected for the US export market for the week ending 17 July. For the coming harvest, they are expected to be in the range of 400,000 to 800,000 tons.
The situation on Euronext was also less friendly. August lost €1.75 to €210.25 per tonne.
