Corn falls below the 200 euro mark

Things went downhill for corn yesterday. The front month of November, which is about to expire, fell below the 200 euro/t mark to 199.50 euro/t. The sales volume yesterday was manageable. The follow-up contract in March 2024 closed 3.75 euros/t lower at 207 euros/t. With the ongoing harvest, prices continue to be under pressure, even if supply is not pressing, at least in many regions of Germany. Yields per hectare of between 10 and 14 tons/ha are currently reported from Baden-Württemberg and the Palatinate. The dry substance is given as values around 80 percent, which will keep drying costs within reasonable limits. Corn that is not worth drying is bought from biogas plants at good prices. Corn gained on the CBoT yesterday. This is seen as a countermove after the decline of the past few days. There are also increasing reports coming from Argentina that indicate possible yield losses due to drought. Market participants are looking forward to today's WASDE with excitement. Analysts are expecting an adjustment in advance, especially with regard to area yields and production figures in the USA.

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