The WASDE report sent corn futures into the deep green on Friday. At the end of the trading week, corn prices reached a 4-month high. The December contract rose by 3.50 US cents to 431.50 US cents/bushel (158.22 €/t) on the CBoT. The USDA's Wasde report, which predicted a reduction in US yield estimates from 183.8 to 183.1 bushels/acre and a reduction in production from 386.2 to 384.6 million tons, gave the rally momentum. Continued strong export demand also had a bullish effect. The USDA reported a private sale of 200,480 tons of corn to an unknown destination country for the 2024/25 season. The high demand is confirmed by the current weekly balance sheet, which shows sales of 2.76 million tons of corn. However, the USDA did not adjust its estimate for the entire season in the Wasde report.
Corn prices on Euronext also followed the US lead and rose moderately. The most traded March contract rose by €0.50 to €211.00/t.