MARS reduces expectations for corn yields

As a result of the weak specifications for wheat and from the corn trade on the other side of the Atlantic, corn prices fell yesterday on Euronext/Matif. The November contract, which is about to expire, went south by 1 euro to 205.25 euros/t, while the most traded March contract closed 1.75 euros lower at 209.75 euros/t. Supportive news for corn came from the EU forecast service MARS. Due to a mild autumn and relatively warm September, this has corrected area yields in Europe downwards. Instead of the previous figure of 7.26 tonnes, the European average is now expected to be 7.13 tonnes per hectare. However, the yield forecasts vary in individual European countries. For Germany, for example, yields of 9.10 t/ha were expected in September; in the report published yesterday, the forecast service assumes 9.19 t/ha. Yield expectations were also increased for France, but yields fell, particularly for southeastern Europe.At the CBoT, corn contracts went south; here traders are focusing primarily on the weather data in South America, which has improved for both Argentina and the north of Brazil. At 437,500 tons, weekly export inspections were 6.2 percent lower than in the previous week, but over the entire season so far, more quantities of corn were effectively loaded than in the same period last year. According to yesterday's USDA crop report, 59 percent of corn areas have been harvested. However, as usual, the figures were published after trading and will only have an impact on corn trading today. Before the trading session, the contracts on the CBoT continued their downward trend.

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