Europe's corn imports remain well below the previous year's level

In Paris yesterday the Matif went north for the front month and the subsequent contracts. The March date closed the trading session with a daily profit of 0.50 euros/t, but is still trading just below the 200 euros/t mark. The June contract ended trading one euro higher. Europe's corn imports were slightly higher again last week. 441,524 tonnes were imported in the 22nd calendar week of the current marketing year; the average import value for all previous calendar weeks was 310,490 tonnes. Overall, however, corn imports are significantly below the previous year's level. The import count currently stands at 7.08 million tons; last year, 12.3 million tons had already been imported at the end of November. Corn contracts also gained on the CBoT. The March date rose by 7 US cents to 482.75 US cents/bu (174.50 euros/t). In particular, last week's high export bookings, which were published yesterday, provided tailwind. 1.92 million tons of corn were booked and this high volume significantly exceeded the analysts' estimates. However, this morning there were slight setbacks in electronic trading in Chicago before the trading session.

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