Corn harvest begins

Corn on Euronext/Matif was unable to benefit from the friendly conditions for wheat on Friday. The most traded November date fell by one euro to 213.00 euros/t. The corn harvest - especially the silage corn harvest - is now beginning little by little. The German Corn Committee announced that last week's summer weather ensured that stocks matured quickly, particularly on sites with light soils. Corn prices on the CBoT also failed to record any gains and closed with losses at the end of the trading day. In particular, weak requirements from the soy market and the ongoing corn harvest in the USA are causing selling pressure here. Today the USDA will publish new figures on stock quality and harvest progress in the crop report. The very optimistic figures for the US harvest in the most recent WADE are still being questioned by market participants. Rather, they assume that the heat wave at the end of August/beginning of September may have caused more lasting damage to the stocks than the USDA assumed. Farmers in Argentina have started sowing corn and are already making good progress. According to the grain exchange in Buenos Aires, around 22 percent of the targeted sowing areas have been ordered.There are slightly green tendencies on the CBoT today before the trading session.

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