14.9 million tons of corn expected in Canada

Matif maize was able to gain again yesterday and closed at a closing price of 214 euros/t, 3 euros higher than the forecast. There is currently hardly any forward trading for corn for the coming harvest. Shortly before harvest work begins, both buyers and sellers are taking a wait-and-see approach. Overall, feed mixers show a low need for feed grain and mostly order at short notice. There is hardly any corn from the old harvest left and there is hardly any interest in buying it anyway. The European Union's corn imports in the 11th calendar week of the current marketing year are also significantly below the volumes of the previous year. In the marketing year to date, 2.95 million tons of corn have been imported into the EU. At this point in the previous year it was already 5.16 million tonnes. Spain demands the largest amount. The country has already imported 1.05 million tonnes of corn onto the world market in the first eleven calendar weeks. The high temperatures there and the dry spring have had a significant negative impact on the maize harvest in Spain. For Canada, the statistics office there expects production of 14.9 million tonnes this season and has thus adjusted its previous estimate upwards by 200,000 tonnes.If the forecast is correct, the previous year's harvest will also be exceeded. U.S. export sales in recent weeks totaled 753,000 tons, at the high end of trader expectations. However, corn did not climb into the profit zone. At the end of the trading day, there were red signs on the CBoT display boards.

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