The November date on the Euronext/Matif lost 2.75 euros/t yesterday and ended the trading day at a closing price of 321 euros/t. As a result of the significant price increases on Monday and Tuesday, corn prices were higher again on the cash markets. Silage maize is also traded on the spot markets at significantly higher conditions. The prospect of a poor harvest is driving prices here. The EU member states have until 21.8. a total of 3.23 million tons and thus around 1.2 million tons more maize was imported than at the same time last year. Of this, 1.23 million tons come from the Ukraine. In the entire last marketing year, Ukraine only imported 615,865 tons of corn into the EU, also due to the war. On the CBoT, corn rose again yesterday and is also showing pre-market gains today. Although slightly better yield prospects in Illinois and Iowa are a burden, overall these are unlikely to compensate for the lower yields in other important growing areas. Drought is also affecting corn growers in Brazil and Argentina. According to the Ministry of Agriculture, around 90% of the second corn harvest in Brazil is now in the works. CBoT corn is also supported by firmer crude oil prices.
Source
VR AgrarBeratung AG
