Corn in Paris and Chicago went north yesterday. The November contract on Euronext/Matif increased by EUR 5.25 per ton to EUR 332.25 per tonne. The latest forecast from the International Grains Council (IGC) supported the market. The prospects for the global corn supply are again clouded by this forecast, because the IGC reduced its own forecast by 2 million tons to 1.166 billion tons of corn harvest. The global ending stocks were also adjusted downwards by a significant 4 million tons. The harvest in Germany continues to progress. In the south of Germany, prices between 33 and 34 euros per deciton are called from the station. It is reported that biogas plants in the south in particular are currently very reluctant to buy maize. The plans of the EU and the federal government to cap electricity prices mean that the operators are apparently acting cautiously. At the CBoT, the gains were mainly due to technical reasons. Nevertheless, the IGC figures and better corn exports compared to the previous week are also supporting the market trend here.
Source
VR AGRAR
