Good weather prospects weigh on corn prices

In the slipstream of falling wheat prices, corn also went south yesterday. The November contract closed with a daily loss of EUR 5.75/t at EUR 217.00 per ton. The follow-up contracts also showed losses of more than or around 5 euros per ton in yesterday's trading session. Good weather conditions are weighing on prices on both sides of the Atlantic. Although it is still too dry in southern Europe, good rainfall has recently fallen in France, Germany and Poland and has helped the plants. The fact that the USDA corrected global production downwards in its August WASDE on Friday only marginally concerns the market at the start of the week. On the CBoT, prices tended to be in the red for the most part, but were able to return to the black at the closing bell despite meager export demand. Last week, US exporters shipped 400,000 tons of corn, roughly more than the previous week. However, the value is 140,000 tons below that of the same week last year. Premarket contracts are trending weaker this morning.

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