The prices of the CBoT Maisfutures fall for five weeks. Now, there are forecasts for cooler temperatures in the Midwest of the United States, what fuels the anticipation of a bumper crop.
This week, the Maisfutures already lost 5.2%. All fears that heat reduces the yields of maize, have not been confirmed. Instead, many holders of long positions decided to close out their derivatives positions.
One of the reasons why the U.S. corn prices not further eased was that for weeks to wet weather in Europe pushes wheat yields.
Further pressure on corn prices comes from the NILAY9 that reports a weak demand for U.S. corn. Yesterday, the old crop for export were announced corn for the week until 14 July U.S. only 345.100 tons. In the previous week, there were still 667.777 tons. The exports from the new harvest were in line with market expectations. From the last US-maize (2015/16) a total of 39.8 million tonnes are exported corn, so the last estimate of the USDA. In the previous marketing period, there were 37.9 million tonnes.
