Maize: market positioning in the run-up to WASDE

After Monday's losses, corn headed north again yesterday. The most traded November date increased by EUR 2.75 to EUR 224/t. Corn prices are also somewhat firmer again at the wholesale level on the cash markets. For prompt deliveries for feed grain maize, EUR 243/t was quoted carriage paid in Südoldenburg yesterday. Precipitation comes from time to time in different regions. Showers are also forecast for today, both in the west and along the Baltic Sea coast and in eastern Lower Saxony. From Sunday, however, it should remain dry overall in Germany and the temperatures will rise again. Corn prices also rose on the CBoT. The persistent drought concerns in some growing regions of the USA are supporting the price structure. In the run-up to the WASDE, which will be published tonight, market participants are anticipating an increase in global ending stocks at the end of the current financial year. Above all, the harvest forecasts for the USA are eagerly awaited and to what extent the current weather development will influence the forecasts. Pre-market signs are slightly green today.

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