In the slipstream of the wheat price development, corn also went clearly north on the last trading day of the past week. The June contract rose to EUR 253.75, EUR 11 higher than on Thursday. The price of the coming EU corn harvest on Euronext/Matif is just below the current front month. On the domestic spot market prices, the prices also rose at the weekend, but here the prices are to be considered rather nominal due to the very manageable turnover. The European grain trade association Coceral estimates that the EU maize harvest will be 62 million tons this year. The association had previously expected 64 million tons. If the forecast is correct, the harvest would be around 9.7 million tons higher than the previous harvest. Less acreage, especially in France, allows the association to root out its previous forecast. As reported, French farmers are increasingly switching from maize to sunflowers because of the high operating costs. Across the Atlantic, corn contracts on the CBoT were also up. The Buenos Aires Grain Exchange left its production forecast for Argentina unchanged at $36 million.tons, but at the same time reduced their status assessment of stocks. Only 6 percent are rated as good or very good. On Friday, the USDA was able to report another export purchase from China in the USA. 204,000 tons were sold to a Chinese customer.
Source
VR AGRICULTURAL
