US corn futures were weaker at the start of the week. In Chicago, corn for May fell by 6 US cents to 459.50 US cents/bushel. December futures also fell by 4.25 US cents to 486.50 US cents/bushel. Prices on the other US stock exchanges also trended weaker.
The sharp drop in crude oil prices, which fell by USD 9.36, had a particularly negative impact. This was triggered by geopolitical signals from the USA and Iran, which had a short-term easing effect and thus took pressure off the energy market. A weaker energy market tends to be a headwind for corn, as demand from the ethanol sector could suffer.
However, the market received fundamental support from solid export figures. The USDA reported individual sales of 102,000 tons of corn to Mexico. In addition, weekly export shipments of 1.7 million tons were up on the previous week and well above the previous year's level. Mexico remained the most important buyer, followed by Japan and Colombia. Since the beginning of the marketing year, exports have totaled 44.58 million tonnes, which is well above the previous year.
Internationally, Brazil is moving into focus. According to AgRural, sowing of the second maize harvest is 97% complete and is therefore nearing completion. The rapid progress underlines the prospect of a large supply and tends to have a bearish effect on the global market. On Euronext, June moved sideways, ending in the green at €209.00/t, a gain of €1.00.
