CBoT corn: Biggest weekly gain in 1½ months

After four trading days with partly strong price increases, the corn futures are giving up a small part of their profits again this morning. The weekly profit is bigger than it has been since the end of June. The storm damage in Iowa last Monday worried market participants.
However, since the demand for corn is weakening, the effects of the storm damage on the overall market are likely to be minor. The excitement about the extraordinary weather event may be exaggerated.
The front month on the CBoT corn future has increased by 5.2% so far this week. Yesterday alone it was 3% more.
Last Monday, a 400 km long thunderstorm avalanche pulled through the US state of Iowa and destroyed corn and soybean fields and grain stores. On Tuesday, the USDA then forecast a record-breaking corn harvest. The database, however, is from August 1st.

Hansa Terminhandel GmbH
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