The corn markets came under significant pressure at the start of the week. Futures prices fell by 7 to 9.5 US cents on Monday, with the July contract closing at 419.25 US cents/bushel.
The export figures had a particularly negative impact: US inspections amounted to 1.48 million tons in the week to June 19 - a drop of almost 13% on the previous week. Nevertheless, the export volume was still around 28% above the previous year's level. The largest buyers were Mexico and Japan. The weather forecast for the corn belt in the USA promises warm and humid weather. Perfect conditions for corn, 97% of which has already emerged according to the USDA report.
In South America, the second maize harvest in Brazil is progressing much more slowly than in the previous year. According to AgRural, only 13% of the areas in the Center-South have been harvested so far - a shortfall compared to 34% at the same time last year. Corn also lost ground on Euronext. It lost €1.50 for August and closed at €197.36 per tonne.
