Corn prices continued their losses in the middle of the week, hitting new lows in several front dates. July closed on the CBoT at 410.25 US cents/bushel, a loss of 6 US cents.
The price trend was mainly burdened by good growing conditions in the forecasts for July as well as declining ethanol figures. According to the latest EIA report, ethanol production fell by 28,000 barrels to 1.081 million barrels/day in the week to June 20 - a four-week low. At the same time, ethanol inventories rose to 24.4 million barrels.
Weather-related rainfall in the Western Corn Belt led to additional pressure. Increased rainfall was also expected in parts of the Eastern Corn Belt. In addition to the warm temperatures, the extra water promises a good harvest. Internationally, demand was boosted by a South Korean importer who purchased 266,000 tons of corn. On the export side, old-crop corn volumes of between 0.5 and 1.2 million tons are expected for the weekly US sales report on Thursday. For the new marketing year 2025/26, analysts expect sales of between 100,000 and 350,000 tons.
On Euronext, maize for August also closed in red territory with a loss of €1.20 and last stood at €195.00 per tonne.
