Conab raises corn forecast for Brazil

After two trading days with an unclear direction, corn on Euronext/Matif went south yesterday. The front month of November 23 lost 2.75 euros/t and closed the trading session with a settlement of 225.50 euros/t. A good development is observed for the corn stocks in Europe. The abundant rainfall has clearly helped the stocks. Here and there it is expected that the damage from the heat season in May and June could not be fully offset, but overall many market observers are expecting an average harvest and at least average yields per hectare. At the end of July, the EU Commission had revised its forecast for the European corn harvest downwards by 714,000 tons to 63.23 million tons. Market participants in Germany are also looking forward to today's WASDE from the USDA, which should also contain corrected corn forecasts for Europe. Across the Atlantic, corn contracts on the CBoT edged up slightly. Support came from much better export sales for the week ended August 3 than anticipated by market analysts. The agricultural authority Conab expects an even higher corn harvest for Brazil.The previous estimate was adjusted upwards by 2.2 percent and now stands at 130 million tons. This means that Conab is behind the USDA estimate from July, but there is more and more confirmation of another record harvest in the South American country.

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