After initial losses, the corn markets fought their way into positive territory on Monday. In Chicago, the December contract closed 3.75 US cents higher at 421.75 US cents/bushel, while the September contract rose by 4.00 US cents to 403.00 US cents/bushel.
The new condition report had a bullish effect: the proportion of stocks rated "good/excellent" fell by one percentage point to 68%. This confirmed the expectation, which gave the market noticeable support.
There was also strength on the export side. At 1.44 million tons, weekly exports were slightly up on the previous week and almost 70% higher than the previous year. The largest buyers were Mexico, Japan and Colombia. Since the beginning of the marketing year, shipments have totalled over 67 million tons.
Internationally, however, a growing supply of maize is also causing pressure. The analyst firm APK-Inform has raised its forecast for the Ukrainian maize harvest to 30.3 million tons, significantly more than previously expected. In Brazil, according to AgRural, the first corn sowing for the new season is already 12% complete.
Things also looked good for maize on Euronext. The November price climbed by €0.50 to €186.50 per tonne.
