Global corn forecast increased

Corn fell by 1.75 euros to 206.75 euros/t on Euronext/Matif in the front month. Nevertheless, the March contract is trading slightly higher than on Thursday of last week, when a settlement of 205.25 euros/t was recorded on the price list. The grain corn harvest in southern Germany has recently fallen behind, but is expected to be completed by the beginning of next week at the latest. The yields are on average around 10 t/ha. Most of the quantities that are now taken from the fields end up in the warehouses; effective trading takes place within a manageable framework. At the CBoT yesterday, corn prices also had to go out of trading with a red sign. The harvest forecasts for the USA and Ukraine were significantly increased in yesterday's WASDE report. The global ending stocks are also valued higher than in the October WASDE. For Europe, the ministry has made only minor changes. Production has now been adjusted upwards from the previously expected 59.7 million tons to 59.8 million tons. Imports, on the other hand, are now seen at 24.4 million tonnes, up from 24.0 million tonnes. In general, CBoT corn losses yesterday were limited by solid export sales in the week ending November 2nd.The USDA recorded sales of 1.015 million tons, meeting optimistic analyst estimates.

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