CBoT maize: slight countermovement after a sharp drop in the share price

At CBoT, corn prices this morning can recover somewhat from the sharp drop yesterday. However, the expectation of a large harvest limits the price increase.
The time to harvest is now clear. It is unlikely that there will be any revenue problems. Should there be more lockdowns in the world soon, gasoline and ethanol prices would come under pressure again. And with it the corn consumption.
The US broker StoneX (formerly FCStone) estimated the US corn harvest in 2020 at 15.320 billion bushels with an average yield of 182.4 bushels per acre. The USDA also placed 72% of corn field holdings in the United States in the top “good-to-excellent” category on Monday, justifying the high harvest estimates.
In Ukraine, a trade association estimates the corn harvest at 38.9 million tons after 36.8 million tons.
Commodity Funds increased their short holdings of corn futures yesterday.

Hansa Terminhandel GmbH
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