23.
08.23
09:07

Corn: MARS lowers EU yield forecast

Maize went south on Euronext/Matif yesterday. The front month of November lost 1.50 euros/t and closed the second trading day of the new week at 215.25 euros/t. In yesterday's harvest conference, the German Farmers' Association is optimistic about the German maize harvest. Last week, the German Raiffeisen Association for corn increased its harvest forecast from 3.72 million tons to 4.02 million tons due to the rainfall. Due to the drought, only 3.83 million tons of corn were harvested in Germany last year. The European forecast service MARS has corrected slightly downwards due to the weather situation in the past few weeks. Average yields of 7.45 t/ha are now expected for the EU, the long-term average is 7.48 million t/ha. The yields for Germany were left unchanged at 9.21 t/ha. For southern and eastern Europe, but also for France, the earnings expectations were lowered. Corn also fell on the CBoT. The industry association Pro Farmer is currently on a field tour and yesterday, for example, revised the yield expectations significantly upwards for Ohio.The yield per hectare is likely to be 4.7 percent better than the average of recent years. However, further purchases totaling 224,000 tons from buyers in Mexico had the effect of limiting losses. In the crop report, the USDA revised condition ratings down one percentage point to now 58 percent “good” or “very good.”

Source
VR AGRICULTURAL
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