Corn is spotty

On both sides of the Atlantic, corn dates traded with profits. In Paris, the leading November contract rose to 338.25 euros/t and has thus increased by 10.25 euros/t since the beginning of this week. Yesterday, however, the daily gains were only marginal. The International Grains Council has reduced its previous forecast for global corn production by 11 million tons to 1.168 billion tons. That would be 51 million tons less than in 2021. The corn harvest in Europe is progressing. The yields are very heterogeneous between 2 and 11 tons in most regions of Germany. In Argentina, the drought is also reducing expectations for the corn harvest. The grain exchange lowered its production forecast to 56 million tons, down 2 million tons from the previous estimate. US export sales were disappointing at 182,000 tons.