IGC raises global corn forecast

A wide trading range during the day and inconsistent tendencies in the closing prices can be seen on the corn market. Especially at the beginning of the trading day, corn reached a daily high of 248.00 euros/t in the most traded November date. At the closing bell, the price was 244.50 euros/t and thus a daily profit of 2 euros/t. Later dates were unchanged to slightly weaker with significantly lower sales. Concern for plant development varies greatly in Europe. While there is definitely precipitation in Northern and Eastern Europe and the soil moisture is right, the crops in Southern and Southeastern Europe are suffering from the current heat wave. Southern Germany is also affected. The International Grains Council (IGC) yesterday increased its forecast for the global corn harvest by 9 million tons to 1.2 billion tons. Corn went south at the CBoT. Profit-taking after the sharp rise on Tuesday weighed on the price development. In addition, market participants were disappointed by the weekly export bookings of just 236,000 tons. Premarket contracts in Chicago also slipped back into the red this morning.

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