IGC expects 60 million tons of corn in Europe

Corn fell at the start of the week on Euronext/Matif, while overall spot market prices were stable to marginally weaker. The most traded front month of March 2023 closed the first trading day of the new week with a setback of 1.25 euros at 204.50 euros/t. In its latest forecast dated November 19th, the International Grains Council said: the prospects for the European corn harvest have been adjusted slightly upwards. Instead of 59.8 million tons, 60.0 million tons are now expected. According to the IGC, Europe will need to import around 20.9 million tonnes of corn this marketing year to meet its needs. As reported, the International Grain Council revised its forecast for the overall global corn harvest upwards last week, anticipating production of 1,223.0 million tons (+3.71 million tons compared to the October estimate). Declining forecasts for Brazil and Argentina are more than offset by higher crop production in the USA, Ukraine and China. US prices showed red signs yesterday. Last week's weekly export shipments were 553.899 tons, well below the level of the previous week, but the fact that the losses were kept in check is also due to the fact that, in the financial year to date, more quantities of corn were able to be loaded compared to the previous year. In addition, a buyer from Mexico purchased 104,000 tons of corn in the USA yesterday. Firmer crude oil prices also provided slight support for corn trading. According to the USDA, the US corn harvest is 93 percent harvested and has therefore progressed somewhat more quickly than in the previous year.

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