Brazil weighs on corn prices

Significant losses were seen yesterday on the Euronext/Matif for corn contracts. The November date closed with a daily decline of EUR 6.25 at EUR 210.75 per ton. The follow-up contracts also went south. Good growth conditions in Central and Northern Europe currently play less of a role. Rather, the European market participants are also looking to South America. The good and high harvest in Brazil is currently putting pressure on world market prices. The local export association Anec announced yesterday that corn exports are likely to be 9 million tons in August, which would be almost a third more than in August 2022. In the last marketing year, Brazil was the most important supplier for European corn imports alongside Ukraine. In the last statistics published by the EU Commission in the current financial year up to 08.06. 1.39 million tons of corn were imported into the EU, compared to 2.07 million tons at the same time last year. The competition from Brazil also weighed on prices at the CBoT. In addition, the weather forecasts for the US Corn Belt and the Midwest remain favorable. Pre-market, the corn contracts on the CBoT are somewhat firmer again today, but the losses of the previous day are not being made up for in the slightest.

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