Corn harvest in Argentina picks up speed

In Paris on the Matif/Euronect, the signs shone red at the close on Friday. Corn contracts ended the trading day with losses in the double digits. On the other side of the Atlantic, corn prices also went further south. August, which is about to expire, posted a loss of $27.75 US cents/bushel and settled at $470 US cents/bushel. After the heat wave and prevailing drought in particular had caused market participants concern last week, the situation has eased slightly due to smaller amounts of precipitation. Almost 55% of the stocks are currently suffering from heat and water shortages. In the coming days, however, up to 38 degrees are expected again in the important growing areas. Argentina's harvesting work, meanwhile, is progressing well. So far, more than half of the areas have been harvested. This corresponds to an area of 7.1 million hectares (around 66%). The experts at the grain exchange in Buenos Aires are expecting a harvest volume of 34 million tons.

VR Agriculture
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