Most of the corn futures on the Euronext/Matif closed yesterday with a red sign. The front month of November 22 lost 1.00 euros/t and closed Wednesday at a closing price of 338.75/t. On the CBoT, prices hardly moved, with marginal gains on the scoreboard at the end of the trading day. In France, the agricultural association AGPM forecasts average yields per hectare for grain maize of 7.9 t/ha. That would be the lowest yield per hectare since 2003. Average yields of between 4 and 5 tons/hectare are reported for the grain maize harvest in the south-west. The cash market prices for corn are developing more firmly; according to market participants, prices between 345 and 250 euros/t are being traded free of charge in the Upper Rhine region. US ethanol production has picked up from last week's low, producing 34,000 barrels/day more last week. Ethanol inventories are down by 1mn barrels, marking the lowest level since December 2021. For today's export sales, markets expect US sales to be in a range of 350k to 800k tons. Similar to wheat, the strong US dollar is currently slowing down the price development for corn.
Source
VR AGRAR
