US corn futures continued their losses on Tuesday. On the Chicago exchange, the September contract fell by 4.50 US cents to close at 389.25 US cents/bushel. The December contract also lost 3.00 cents to 411.00 US cents/bushel. Overall, prices thus remained in the red after initially showing signs of recovery during the course of the day.
According to the USDA, 73% of US corn stocks were in the good/excellent category as at July 27. Although this is a drop of one point compared to the previous week, the figures are still record high.
On the export market, South Korea secured 132,000 tons of corn in a tender, and Taiwan is also looking for a further 65,000 tons. According to ANEC, the import volume in Brazil is expected to be 4.18 million tons in July - slightly higher than recently estimated and significantly above the previous year's figure (3.55 million tons). The weekly ethanol production in the USA will be updated today. Traders expect a slight decline.
Corn for November gave up yesterday's weak price gain on Euronext. It was € 0.75 lower at € 194.50/t.
