Corn contracts recovered in the middle of the week and recouped some of the previous day's losses. September gained 2.50 US cents and closed at 374.00 US cents/bushel. December also picked up and ended trading with a plus of 2.75 US cents at 397.25 US cents/bushel.
The energy market had a particularly supportive effect: according to the EIA, US ethanol production rose by 12,000 barrels per day to 1.093 million in the week ending August 8. The decline in inventories had an even greater impact. These fell by over one million barrels to their lowest level since December. Exports also increased slightly. The increased demand for ethanol strengthens the prospects for corn as a raw material.
The expansion of cultivation in Argentina could provide bearish impetus: The grain exchange in Rosario is expecting an increase of 15 to 20 percent for 2025/26, which should increase global supply pressure in the medium term. Argentina recently reduced the export tax on selected agricultural goods, which local farmers now want to take advantage of.
November closed unchanged at €187.50/t on Euronext.
