Solid US corn exports

For the front month of November, which is about to end, the Euronext/Matif corn fell marginally yesterday; the most traded March date closed 0.50 euros higher at 207.75 euros/t and was therefore able to gain on the second trading day in a row. With significantly lower sales volumes, other contracts were also able to trend more firmly, and the forward curve for the rest of the marketing year until the next harvest is rising. Across the Atlantic, traders continued to keep their eyes on the weather situation in Argentina and Brazil. The drought of the last few months had mainly delayed sowing in Brazil; heavy rainfall has significantly improved the situation both for the stocks and for the areas still to be cultivated. Market observers expect that Brazilian sowing could gain significant momentum in the coming week. US export sales for the week ending October 19, published yesterday, were positive at 1.351 million tons and even exceeded analysts' expectations, who had expected export sales of up to 1.2 million tons in the optimistic estimates. Looking at the entire season so far, US exporters have been able to sell 17.53 million tonnes.At the same time last year there were only 13.83 million tonnes. Nevertheless, the good export figures could not prevent a loss in corn contracts on the CBoT. The rapid harvest and the weather prospects in South America weighed more heavily. However, there are rising trends again on the CBoT today before the trading session.

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