Ukraine and US weather pull corn higher

In the slipstream of the wheat price development of the new tensions surrounding grain exports from Ukraine, the price quotations on the two important stock exchanges are also rising significantly. The most traded November date in Paris rose by 11.50 euros/t to 242.50 euros/t in the course of trading. Recent developments make it clear that it will very likely be a long time before Ukraine can fully deliver again. Around 60,000 tons of grain were destroyed by shelling, important port infrastructure such as cranes and silos were destroyed and need to be replaced or repaired. Added to this are the weather conditions, which are giving the price trend additional momentum, particularly in the USA. According to the latest model calculations, the affected states of Iowa, Illinois and North and South Dakota in particular will remain dry in the next few weeks. Ethanol production has increased significantly again, with 1.07 million barrels per day even setting a weekly record for 2023, but at the same time inventories are also increasing significantly. The pre-market trend is also showing green signs today.

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