Corn also decoupled itself from the wheat market yesterday and was able to gain accordingly on Matif and CBoT. In its fifth harvest estimate, the German Raiffeisen Association corrected the corn yield downwards. Instead of the previously expected 4.18 million tons, a harvest of 4.06 million tons is now expected. Due to the announced lack of precipitation in the coming weeks and the heat wave at the beginning of next week, the corn plants are likely to suffer significantly. At the CBoT, the weather forecast is also the price-driving factor. Although individual showers could fall in the eastern areas of the Corn Belt, with daily highs of 38 degrees, it will be very warm in most of the growing area. The grain exchange in Argentina has again raised its forecast for the local corn harvest by 3.7 percent. 85 percent of Argentina's fields have been harvested, the total harvest is said to be 51 million tons.
Source
VR AgrarBeratung AG
