Corn prices recovered noticeably on Tuesday. The December contract rose by 6.25 US cents and closed at 429.50 US cents/bushel. The March contract rose by 6 US cents to 447.00 US cents/bushel. The other dates were also up, following the bullish turnaround in the middle of the week.
The market was supported by declining condition assessments. According to the USDA, the proportion of stocks rated "good to excellent" fell by 1 percentage point to 67%. Harvest is 7 percent complete, exactly in line with the five-year average.
Early reports from the field occasionally indicate lower yields compared to the previous year, which is causing increasing tension among traders. It is still unclear whether this is a regional snapshot or an overarching trend.
Internationally, Brazil caused some movement: The export volume in September was raised to 7.12 million tons by the export association ANEC, slightly above the previous week's estimate.
On Euronext, November also rose by €1.00 to €188.25 per tonne.
