Europe imports less corn

Monday's gains were eroded yesterday and with a loss of 2.25 euros/t in November, prices continued their downward trend. In West Germany, the grain corn harvest is well advanced and should be finished next week at the latest. Drying the corn harvest is often not worth it from the producers' point of view, as biogas plants pay good prices. In addition, offers from Eastern Europe continue to come onto the market, while at the same time feed mills are cautious about demand for the grain. Europe's imports continue to be below the previous year's value; 4.68 million tonnes were imported into Europe up to the 15th calendar week, compared to 7.85 million tonnes at this point in the previous year. Corn was once again under selling pressure on the CBoT. Last week's corn shipments were above the previous year's level, but at 550,585 tons they were below the previous week's value. Overall, the USA was able to load around 450,000 tonnes more in the first weeks of the new marketing year than at this point in the previous year. The corn harvest continues and according to USDA figures, 34 percent of the stocks have now been harvested, meaning the harvest is progressing more quickly than last year.Corn sowing is currently underway in Brazil and, according to the consulting firm Safras and Mercado, is expected to be 51 percent advanced. Sowing is going much faster this year than last year and on average over the last five years. Pre-market, corn is currently trading with slight gains on the CBoT.

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