Domestic corn producers in competition with Eastern European goods

There was no uniform development in corn trading on Euronext yesterday. With overall sales volumes being weak, the front month of March 24 was traded unchanged at 198.75 euros per ton; the subsequent contracts lost marginally in value. Here too, there was a weak sales volume. On the local cash markets there are effective sales here and there in manageable quantities. At the beginning of the week, the prices appeared to be stable overall. When negotiating deliveries in the first quarter of the new year, the price expectations of buyers and sellers are far apart. While producers demand around 235 euros/t, traders point out that larger quantities of corn are available from Eastern Europe, which should cost between 227 and 230 euros per ton. Europe's imports from third countries are open until December 17th. reached a volume of 7.88 million tons, which is significantly below the previous year's import volume of 13.84 million tons. Spain remains by far the largest consumer on the world market within the community of states. Internationally, weather developments in South America continue to shape market events. For this reason, the prices on the CBoT fell yesterday.The fact that the first analysis houses are skeptical about Brazil's harvest volume does little to change the basic mood. The USDA had recently predicted 129 million tonnes for Brazil in its WASDE report, but many local analysts are assuming corn production below the 120 million tonnes mark. However, figures from China provide support. According to their customs statistics, 3.59 million tons of corn were imported in November, more than ever before in a month. The recent lower prices for corn in Chicago had apparently attracted Chinese buyers.

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