Iran is looking for 180,000 tons of corn

Europe's corn prices continue to trend south. The most traded November contract on Euronext/Matif started the new trading week with a loss of 1 euro and a closing price of 211.50 euros. Things also went south for the follow-up contracts. The March date fell by 0.75 euros and closed at 221.25 euros/t. The upcoming harvest in Central Europe is causing initial price pressure and the negative signs in the wheat market are also weighing on corn. Iran is putting out 180,000 tons of corn to tender and, according to insiders, wants to take advantage of offers from Europe, the Black Sea region and Brazil. Across the Atlantic, corn contracts closed somewhat firmer. The most traded December contract in Chicago rose at the start of the week by 2.00 US cents/bu to 485.75 US cents/bu (177.82 euros/t). In the crop report that was published yesterday, only 52 percent of the corn stocks were classified as being in good or very good condition. The high temperatures at the end of August led to the adjustment; a week ago 53 percent were still classified in this category. The harvest has also begun in the first US states. Across the country, around 5 percent has already been chopped, meaning the harvest is progressing just as well as last year.For today's WADE, the majority of traders are expecting a reduced forecast for the USA.

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