Corn: multi-year low attracts speculators

Corn prices also fell yesterday. The November date closed at 209 euros/t, 0.25 euros/t lower than on Monday. Individual quantities of grain maize from the old harvest are still being traded on the cash markets, particularly in the north and west. Recently, customers have increasingly stocked up on goods from Poland. These are priced around 15 euros/t cheaper. However, there is currently a lack of short-term availability of Polish corn, meaning that domestic traders and cooperatives can easily place their last stocks of the old harvest. The corn harvest has begun in more and more regions, and the grain corn harvest is expected to start in many parts of northern Germany next week at the latest. Corn went up on the CBoT yesterday. After the downward trend of the last few days, corn prices here have fallen to a multi-year low and have thus attracted more speculative investors. However, the increase is limited by the beginning of the current harvest and the better than expected assessment of stocks. As reported yesterday, the USDA classified 51 percent of the stocks in the “good” or “very good” categories.

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