DRV expects up to 600,000 tons less corn harvest

While prices in the USA showed a rebound yesterday, corn on the Euronext/Matif went down again. The gap between the November corn contract and the December wheat contract melted away. Both contracts are now trading at roughly the same price level. On Euronext, Ukraine's brisk exports in particular had an impact on price development. The sixth harvest estimate by the German Raiffeisen Association has not been able to change that. The experts at DRV are now assuming a reduced yield of almost 600,000 tons of grain maize in Germany, which corresponds to a drop of a good 15% compared to the last estimate. The yield per hectare was reduced from 9.24 t/ha to 7.77 t/ha. At the CBoT today, the main focus is on the weekly export bookings. The market expectations are far apart in a range of 0.3 to 1.1 million tons. Significantly lower ethanol production figures had a price-dampening effect here. Inventories have continued to grow despite a significant drop in production volumes.