The EU Commission is significantly reducing Europe's corn production

Corn fell by 2.00 euros on Friday from 210.25 to 208.25 euros/t. Weak specifications from the CBoT and the wheat market dragged the grain down. The EU Commission's lower corn forecast could do little to change the downward trend. This expects a corn harvest of 59.8 million tons for the current season and has thus revised its own expectations downwards by another 1 million tons. EU corn imports, on the other hand, are estimated to be 3 million tons higher and are expected to be 20 million tons at the end of the current marketing year. On the CBoT, corn lost double digits and was primarily affected by the overall weak market environment for agricultural goods and raw materials. The figures from the US quarterly report, however, provided rather bullish signals. For example, inventories are one percent lower than in the previous year. In Argentina, farmers are busy sowing corn. However, this is progressing much more slowly than last year. At this point last year it was already 15 percent, but currently only 7 percent of the fields have been cultivated. However, premarket contracts on the CBoT are trending friendlier again today.

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