Concern about corn stocks, especially in southern Germany

Corn contracts on Euronext/Matif fell. The most traded November contract went south by EUR 0.50 to EUR 224.25/t. On the cash markets, prices remained unchanged and sales are low. Farmers in the southern federal states of Germany are particularly concerned about the maize stocks. The Bavarian Farmers' Association reported yesterday that there is a lack of rainfall for all summer crops. The current drought monitor from the Helmholtz Center shows that there is a lack of sufficient plant-available water, especially in Bayer, northern Baden-Württemberg, Thuringia, Rhineland-Palatinate and Saarland. The north-east of Mecklenburg-Western Pomerania is also affected. The analysis company Strategie Grains lowered its harvest forecast for Europe by 900,000 tons from 62.1 million tons to 61.2 million tons. The EU Commission had last assumed a harvest volume of 63.95 million tons at the end of June. At the CBoT, on the other hand, things went clearly north. The heavy rainfall is weakening and will only reach the more southern cultivation areas in the coming days. Very high temperatures are again forecast for the rest. In Brazil, 20 percent of the second corn harvest is in.There is still no clear trend for corn on the CBoT this morning before the market.

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