59.3 million tons of corn harvest expected in the EU

Despite the sharp cut in the corn forecast by the EU Commission, the contracts in Paris are falling significantly. The most traded November date falls by EUR 7.75 to EUR 313.25 per ton. Instead of the previous 65.8 million tons, the commission now expects a corn harvest of 59.3 million tons. The drought across most of Europe shows in the numbers. The Commission had already reduced the corn forecast by 8 million tons in the previous month. The signs at the CBoT were also red. Profit taking after the recent rally weighed on price action yesterday. Nevertheless, concerns about the below-average corn harvest remain on the American market. The delayed publication of the export figures also caused uncertainty. The field tour through the states of Iowa and Illinois confirms previous market expectations. Yields are expected to be below last year's levels.