Grain maize: First harvest reports at 8.7 t/ha in the southwest

Corn went up yesterday on Euronext/Matif. The November date rose by 1.75 euros to 211 euros/t. The subsequent contracts were able to record larger increases in some cases. Wholesale prices and producer prices were also raised slightly on the cash markets yesterday. Preliminary harvest reports show grain maize yields per hectare of around 8.7 tonnes in Baden-Württemberg. This means that yields are one percent lower than in the previous year and around 15 percent lower than the average in previous years. However, with regard to the current harvest status, these reports should still be viewed as preliminary. Corn also performed more strongly on the CBoT yesterday. The December contract in Chicago rose 4.00 cents to 481.25 US cents/bu, which corresponds to a converted rate of 178.87 euros per ton. Harvesting work continues to progress somewhat more quickly than on average in previous years. According to the USDA figures published after the trading session, around 15 percent of stocks have currently been sold. 660,000 tons of corn were loaded for export last week, meaning that - unlike wheat - export volumes are around 16 percent higher than at the same time last year.Additional support for corn also came from a flash sale. The USDA announced that a private buyer from Mexico ordered 1.05 million tons of corn from the current harvest. There is still no sign of a solution to the trade dispute between the USA and Mexico over genetically modified corn. It is said that Mexico is currently promoting the cultivation of non-GMO corn varieties in its own country. Premarket contracts in Chicago are trending slightly weaker this morning.

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