US corn prices closed Monday's trading weaker, continuing the negative trend. September closed 5.75 US cents lower at 393.75 US cents/bushel and the other dates also fell by around 5 US cents.
Despite robust exports totaling 454,000 metric tons, including larger volumes to Mexico and unknown buyers, the negative market sentiment could not be halted.
According to the USDA, the weekly export inspection for corn recorded a volume of 1.522 million tons. This represents an increase of more than 54% compared to the previous week and an increase of 42% compared to the previous year. Year-to-date exports amount to 60.34 million tons - a year-on-year increase of a good 29%. The most important recipient countries were Japan and Mexico.
The strong dollar is depressing export expectations, which is benefiting the Europeans. This was also reflected in the later dates on Euronext, where maize for November gained €0.75 to €195.25 per tonne.
