The corn market was weaker in the middle of the week. In Chicago, the September contract fell by 4.00 US cents to 397.25 US cents/bushel. December fell 2.75 US cents and ended trading at 417.00 US cents/bushel. The following months also recorded losses of between 2 and 4 US cents.
Traders are positioning themselves cautiously ahead of the USDA reports due on Friday. According to a Reuters survey, analysts expect the US average yield to be reduced by 2.6 bushels to 186.2 bushels per acre. The resulting production would be 16.516 billion bushels, 226 million below the August estimate.
Ethanol production increased significantly in the week ending September 5, up 30,000 barrels per day to 1.105 million. At the same time, stocks rose by 273,000 barrels to 22.837 million. Ethanol exports also increased, reaching 121,000 barrels per day.
Internationally, the focus remains on Argentina. The stock exchange in Rosario expects a corn harvest of 50 million tons for 2024/25 and an increase to 61 million tons in the following year, assuming normal rainfall. South Korea also issued an import tender for 140,000 tons.
Corn was also in the red on Euronext. Here, the November price fell slightly by €0.50 to €185.25 per tonne.
