Corn: Matif with significant losses - CBoT slight gains

Maize went south on Euronext/Matif yesterday. In particular, the weak guidance for wheat had an impact on the corn contracts. The leading November lost 4.50 euros/t and closed Monday trading at 323.50 euros/t. The difference between wheat and corn narrowed again during yesterday's trading. The prospects of a continuation of the grain export deal for Ukraine, along with the specifications for wheat, are also depressing the mood. The market sees the current news situation as a good sign for a continuation. Contract prices increased slightly on the CBoT. In particular, the export shipments of 550,000 tons of corn last week are supporting the market. In addition, the start of the US corn harvest is somewhat slower than many had expected. Currently 2% of the areas have been harvested, the average at this point is already 7% of the initial area.