Corn: Market participants continue to wait

Contrary to the current trend, corn prices rose yesterday. On Euronext/Matif, the leading November date rose by 1.00 euros to 205.75 euros/t with relatively high sales volumes. The follow-up contract on March 24 also increased and closed with an increase of 1.25 euros at 213.25 euros/t. The grain corn harvests continue to run at full speed and are therefore causing latent price pressure. Corn photo Brake for deliveries in October are currently quoted at 207 euros/t. Especially in the south and west, offers from France and Eastern Europe are putting additional price pressure on domestic producers. Overall, however, many market participants are still taking a wait-and-see approach. The situation in Ukraine, the attacks in Israel and Gaza and the ongoing harvest in the northern hemisphere continue to weigh on sentiment. Data on harvest progress in the USA is not expected until this evening. However, analysts assume that around 35 percent of the space has now been brought in. However, corn contracts on the CBoT did not follow the trend for wheat and closed correspondingly weaker. For the October WASDE expected on Thursday, analysts are anticipating a noticeable correction in US production data to around 15.1 billion bushels, up from 24 million in September.Bushels more were spent by the USDA. Pre-market trends for CBoT corn were also showing weaker trends this Tuesday.

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