Corn hardly changed

The corn prices on Euronext/Matif are largely able to maintain their price level; the prices did not show a uniform direction, but yesterday they trended between “marginally increasing” and “unchanged”. The front month of November closed the second trading day of the new week with a daily gain of 0.25 euros/t at 212 euros/t. Up to and including September 3rd. 2.69 million tons of corn were imported into the European Union. As was the case last year, Spain leads the list of importing countries, but the Netherlands and Italy also show great demand. Overall, however, imports are significantly below the level of the previous year, when 4.5 million tons were already imported at this point. Prices on the CBoT were clearly under pressure yesterday. The December contract closed with a loss of 10.25 US cents at 486.00 US cents/bu (178.41 euros/t). In the crop report published after the trading session, 53% of the stocks were rated “good” or “very good”. In the previous week it was 56%. In doing so, the USDA took into account the influence of the partly very hot temperatures of the past week. Weak export loadings last week had a negative impact yesterday.In Brazil, the second corn harvest recently stalled. Around 88 percent have been received so far, normally it is already close to 100% at the beginning of September. According to official estimates, around 13 percent of the sowing of the coming first corn harvest in Brazil is said to have been sown.

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