The contracts on Euronext/Matif were green again yesterday. The leading November contract increased by EUR 1.50 to EUR 336.25/t. According to the EU Commission's import statistics, the EU countries have imported 81% more maize in the current season than in the same period last year. Around 6.65 million tons have been imported to date. This is also a consequence of the prospect of the low EU maize harvest. This is expected to be the weakest in 15 years. Spain and the Netherlands in particular are willing to buy on the world market. In the US, the harvest continues to lag behind the long-term average. Currently, around 12 percent of the stocks are retracted. Even if the hurricane is likely to bring harvests to a standstill in some areas, the weather forecast in the main growing areas is favorable for the next few days. Prices on the CBoT continued to fall yesterday after a strong start to the day but ended Tuesday with gains. Recent talks with Mexico could pose problems for US exporters. The government is negotiating an import ban on genetically modified maize.
Source
VR AgrarBeratung AG
