Corn: US ethanol production down

On Wednesday, too, the corn contracts showed no uniform direction in trading on the Euronext/Matif. The most traded November date closed with a daily loss of EUR 0.75 at EUR 228.25/t. On the local spot markets, there are stable developments at the wholesale level, there are hardly any changes in listings. With a few exceptions, there is an adequate supply of water throughout Germany. Only in parts of Saxony-Anhalt are the effects of a moderate drought still evident. Red signs appeared on the CBoT. Overall, traders are positioning themselves for WASDE next Friday. Analysts expect US production volume to be cut. At the same time, however, market participants are expecting a good harvest overall and weak demand at the same time. Most recently, the USA was able to export less corn than in comparable weeks of the previous year. US ethanol production has recently declined significantly, but inventories were still able to increase, which also put pressure on pricing.

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