After Wednesday's rise, corn on Euronext/Matif went south yesterday. The front month of June lost 2.75 euros/t to 259.00 euros/t. In the course of this year's arable farming forum of the German Farmers' Association, the German Maize Committee (DMK) pointed out the growing importance of corn as a foodstuff and forecast good long-term potential for grain corn from Germany. The grain maize area in Land has increased to 456,700 ha in the last five years. However, in its first harvest estimate for 2023 in mid-March, the German Raiffeisen Association (DRV) had reckoned with an 11 percent lower grain maize area compared to the previous year. However, according to DRV, the production volume should be around the same level as last year, since better yields per hectare are expected. Corn prices on the CBoT were also slightly under pressure. Traders are lining up for today's annual acreage report. Analysts expect the corn acreage to be 90.9 million acres (36.78 million hectares). In the previous year, corn was grown on 88.6 million acres in the USA. Very heavy rainfall has been announced for Argentina. The main growing areas in particular should benefit from this.
Source
VR AGRICULTURAL
