Surprising numbers for corn

Corn remained true to its trend yesterday and closed the trading day with losses. At the closing bell, the price on the display board in November was 209.75 euros, meaning a daily loss of 1.75 euros per ton. Weak specifications from Matif wheat and good yield prospects in northern Germany caused the setback. The rural population of Lower Saxony is optimistic about the coming harvest. However, it is expected that the harvest will start around two weeks later than usual. The recent weather conditions have contributed to the good ripeness of the grain, according to a press release. Internationally, the corn market was primarily influenced by the WASDE report. Despite the recently reduced credit ratings of corn plants in the USA, the USDA expects a very good corn harvest of 384.42 million tons, around 600,000 tons more than before. This is primarily due to higher cultivated areas compared to the previous forecast. The USDA also expects more corn globally. For Ukraine, for example, the production volume was increased by 1.5 million tons to 28 million tons. For Europe, the USDA expects production of 59.40 million tons (previously 59.70 million tons).Global ending stocks are also increasing, which is also due to slightly lower consumption. Overall, these figures surprised market participants and so Mais closed on the CBoT with losses. There was also a slight downward trend in prices before the trading session.

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