The corn contracts on the Euronext/Matif traded mixed yesterday, but mostly increased. The June contract rose by EUR 0.75 to EUR 265.50/t during the course of trading. In its first harvest estimate for the 2023 harvest, the German Raiffeisen Association (DRV) assumes a corn harvest of 3.84 million tons, which corresponds to an increase of 0.2 percent compared to the previous year. Due to the clearly declining area under cultivation but better expected yields per hectare, the forecast is roughly at the previous year's level. In particular, however, silage maize should secure a larger acreage due to the poor harvest of the previous year and the resulting decrease in forage stocks. On the CBoT, corn prices also showed mixed tendencies. While old crop dates rose, September 2023 contracts headed south. Trading was supported yesterday by an export booking from China. According to the USDA, a buyer from the Middle Kingdom has ordered 667,000 tons of corn in the USA. This raises hopes that the recently weak China business will pick up speed again. However, corn is heading south again on the eCBoT premarket today.
Source
VR AGRICULTURAL
