Corn: Buenos Aires Grain Exchange expects 55 million tons of corn in 23/24

Corn on the Paris stock exchange was mixed yesterday. The most traded front month, November, closed unchanged from the previous day at 214.00 euros/t. There are currently hardly any contracts for the new harvest being traded in southern Germany. Short-term needs of the concentrated feed industry are met by deliveries from France and Austria due to empty local warehouses. Even though very high temperatures were recorded this week, there is still sufficient soil moisture in many regions. However, drought is already evident again in the eastern German federal states. Corn futures on the CBoT were volatile yesterday. The December contract ended the trading day with a marginal increase at the closing bell. Ethanol production in the US picked up again last week, but at the same time inventories rose slightly. After the weak corn harvest in Argentina due to the drought, the grain exchange in Buenos Aires estimates that the coming 2023/24 harvest will be at an average level again and expects a production of 55 million tons.

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