The prices for corn also developed in different directions on Thursday on the two important exchanges. European prices continue to benefit from the heatwave of the past few days. Regionally there was precipitation, but overall the water available to plants remains low. Further precipitation has been reported for north-east Germany today. The CBoT, on the other hand, continued to fall. The International Grains Council's estimate of global corn production limited losses in Chicago. The panel reduced its estimate of total production by 1 million tonnes to 1,1189.0 million tonnes total harvest. The reduction is primarily based on the prospect of a poor corn harvest in Europe. Falling oil prices and improved to good weather forecasts for the Corn Belt weighed on sentiment. The news on Ukraine's grain exports also had a negative impact on the CBoT. Ukraine is a major corn exporter. If the agreement also includes corn, there is corresponding downside potential.
Source
VR AgrarBeratung AG
