Corn contracts on Euronext/Matif rose slightly yesterday. The front month of November rose by EUR 0.50 to EUR 320.00 per tonne. As with wheat, there are hardly any changes on a monthly basis. On August 1, the November date closed the trading day at EUR 320.25 per ton. The analysis from Agritel expects a corn harvest of 10.8 million tons for France, which would be the lowest harvest in 20 years. While earnings prospects continue to be the dominant theme in Europe, data on ethanol production is also adding to trading sentiment at the CBoT. Weekly production fell to a 17-week low. A private survey of corn growers suggests the US corn harvest could be even lower than field tour reports and USDA estimates. In Brazil, the harvest has progressed rapidly. 94.2% of the fields have been cleared, compared to 89% at this point in the previous year.
Source
VR AgrarBeratung AG
