Europe's corn imports remain lower than 22/23

Once again the corn contracts on Euronext/Matif showed no consistent direction yesterday. While the two front dates closed marginally lighter, the August and November contracts went north. The EU Commission's import statistics published yesterday show that as of January 7, 2024, 9.03 million tons of corn were imported into the international community in the current marketing year. At this point in the previous year it was already over 15.8 million tonnes. By far the largest importer is Spain, which has already imported 3.95 million tonnes, but Italy also has high demand due to the poor harvest last autumn. Ukraine remains the skin supplier with around 5.15 million tonnes. Across the Atlantic, corn headed north. After the contracts reached a new three-year low on Monday, a countermovement set in yesterday, but this did not last in the premarket today. The farmers there are satisfied with the weather developments in Brazil. The Grain Exchange in Buenos Aires was very satisfied with the rainfall development in a report yesterday. Although the stock exchange did not provide specific yield estimates, recent weather events have given corn stocks a significant boost.The Buenos Aires Grains Exchange recently estimated the Argentine harvest at 55 million tons of corn. New figures are expected in the WASDE report on Friday. Analysts expect ending stocks to rise.

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