China approves GM corn varieties

The most traded March contract on Matif closed yesterday with a marginal gain of 0.50 euros/t at 210.75 euros/t. The subsequent contracts also closed somewhat more firmly; the current front month showed a sideways movement. On the physical market, the corn harvest is predominantly at the target level with regional differences. At the wholesale level, contract quotations for deliveries last increased in December. European corn imports are open until October 15th. reached a volume of 5.067 million tons, 3.3 million tons less than last year at this time. On the CBoT yesterday, corn prices rose significantly despite the progressing harvest. Here the markets reacted primarily to declining forecasts for the corn harvest by the International Grain Council (IGC). Despite higher production forecasts in China, the panel lowered the forecast by 3 million tonnes to 1.219 billion tonnes. Especially in the USA the red pencil was applied. China wants to reduce its dependence on corn imports. 37 varieties with genetic modifications that promise better yields or stress resistance have now been approved. After the strong gains yesterday, Chicago contracts are trending marginally weaker today premarket.

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