Maize prices recovered to some extent yesterday from Tuesday's losses. On the Matif, the August date went up by EUR 5.50 per ton to EUR 321 per ton. The announced heat wave in France and Germany provides a corresponding boost. In its July WASDE, the USDA corrected EU production slightly downwards and expects a harvest volume of 68 million tons. That would be a significant increase compared to the previous year, but the USDA expects the import volumes to remain at the previous level. In its most recent assessment, the EU Commission itself estimated production within the EU at around 71 million tons and imports at 15 million tons for the 2022/23 marketing year. Prices also rose at the CBoT. The weather forecast and the price level, which fell on Tuesday, attracted buyers. US ethanol production is down 3.7% week-on-week. Inventories increased at the same time. The second corn harvest in Brazil is in full swing. According to the agricultural authority AgRural, 40 percent and thus 10 percent more than in the previous week are retracted.
Source
VR AgrarBeratung AG
