More corn in Ukraine - less corn in the EU

The price prices showed up on Friday with a red sign. On the Euronext/Matif, the leading November date went south by 2.75 euros/t to 222.75 euros/t. The rain showers of the last few weeks have given the plants good development potential and in many places the growers are satisfied with the development of their stocks. Because of the good growing conditions, the government in Kiev has also revised its forecast for the Ukrainian harvest upwards to 28 million tons. The figures from the WASDE report initially caused the contracts on the CBoT to pick up, but as trading progressed the good weather forecast for the Corn Belt weighed on the mood and the Corn futures closed in the red. Global corn production was cut as expected. Compared to July, 11 million tons less are now expected. There were cuts in both the US and Europe, where the USDA now expects a harvest of 59.7 million tons, which is 3.7 million tons less than a month ago. Less maize is expected in Germany, Romania and Hungary in particular. By contrast, corn harvests increased in Canada (15.3 million tons) and Ukraine (27.5 million tons).However, since international demand is also rated lower, the global cut has no lasting effect on prices.

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