US corn prices came under renewed pressure in the middle of the week. On the CBoT, futures fell by 5 to 7 cents on Tuesday, with the September contract falling below the psychologically important mark of 400.00 US cents/bushel and ending at 398.00 US cents. The December contract was also weaker at 414.25 US cents/bushel.
An export announcement by the USDA on the sale of 112,776 tons of corn to Mexico for the new marketing season had a fundamentally supportive effect. However, weather-related factors weighed on sentiment: rainfall of between 25 and 50 mm was expected for the central US corn belt this week, which could improve harvest prospects. Excellent growing conditions for corn had already played into the hands of the bears in recent weeks. The proportion of stocks with a good to excellent rating also rose by 1% to 74%.
On Euronext, maize lost €0.75 for August and stood at €199.75 per tonne.
