Corn prices on the Matif showed little change from the previous day on Thursday. In the USA, however, maize futures recorded losses at the close of trading, with contracts falling to between 3.5 and 4.5 US cents per bushel. The pressure on corn also came mainly from the strength of the dollar, which rose to a 1-year high.
Yesterday's export sales data showed that a total of 1.495 million tons of corn from the 2024/25 harvest were sold in the week ending 14 November. This was in the middle of the expected 1.0 to 2.2 million tons and an increase of 13.7% compared to the previous week. Mexico was the largest buyer with 0.787 million tons. Two separate South Korean importers also bought a combined 136,000 tons of corn in private tenders.
Data from the International Grains Council's (IGC) monthly report shows that corn production increased by 1 million tons to 1225 million tons. In conjunction with an increase in consumption of 4 million tons, this lowered the forecast for stocks by around 4 million tons to 275 million tons.