The corn market was unable to hold on to its interim gains at the end of the week and slipped slightly into negative territory. The December contract lost 1.75 US cents and closed at 418.00 US cents/bushel. The front month of September closed at 399.00 US cents/bushel, a daily loss of 0.75 US cents.
There was little tailwind from the export side: the USDA reported net cancellations of 280,943 tons for the old crop, the lowest figure for the current marketing year. At 2.117 million tons, sales for the new crop were slightly higher than the previous week and the previous year, but were unable to sustainably lift the mood. The largest buyers were Mexico with 511,800 tons, Colombia with 478,700 tons and unknown destinations with 320,500 tons.
A new trade agreement with Japan, which according to the White House provides for future agricultural purchases worth up to 8 billion US dollars per year, attracted attention. Previously, the volume was 2.5 to 4.8 billion annually. However, the market reacted cautiously, as specific volumes and timeframes remained open.
Corn also fell on Euronext and closed €0.25 lower at €186.00 per tonne for November.
