Drought threatens corn in Argentina

On the Paris Euronext/Matif, corn prices fell a little more sharply than CBoT corn yesterday. The harvest in Europe is already in full swing. Because of the poor harvest prospects, however, there is still no real harvest pressure in Europe. The prices for grain corn on the cash markets are still high and were able to increase again on a weekly basis. Silage maize is also becoming significantly more expensive. Initial listings show a price increase of up to 70%, depending on the region. Argentina is threatened by a devastating drought. There is talk of the driest conditions in the corn-growing regions in over 30 years. Argentina is expecting a corn harvest of 8.2 million tons so far, but it is expected that this forecast will be significantly reduced. According to observers, the US corn harvest is making good progress and is depressing price expectations a little.