18.
08.23
08:58

Good export figures supported CBoT corn

The November date for corn on the Euronext/Matif showed red signs yesterday and closed the penultimate trading day of this week with a daily loss of 2.50 euros at 211.25 euros/t. The contract has lost EUR 21.75 per ton since the beginning of August. The International Grains Council (IGC) yesterday revised its forecast for the global corn harvest upwards by 900,000 tons to 1.2 billion tons. At the same time, due to low demand, the ending stocks should be 6 million tons higher than the last estimate and amount to 288.0 million tons at the end of the marketing year. The Ukrainian analysts from APK-Inform have also increased their harvest forecast for the country and expect production of 25.5 million tons and corn exports of 18 million tons. Both in terms of production and exports, the USDA had credited Ukraine with higher volumes in the last WASDE. CBoT corn prices increased yesterday. In particular, friendly export figures and hot temperatures in the western Corn Belt supported the listings. However, the rise in price was limited by renewed concerns about the trade dispute between the USA and Mexico in relation to genetically modified corn.Pre-market, green signs are again showing on the CBoT today.

Source
VR AGRICULTURAL
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