US Corn Belt: Warm and Dry

Maize was able to increase yesterday and closed the most traded November date with a plus of 2.50 euros and a closing price of 225.50 euros/t. Maize is thus higher than it was last Monday. In its fifth harvest estimate, the German Raiffeisen Association (DRV) revised its forecast for the local corn harvest slightly downwards. The recent rain showers have helped corn stocks, hence the correction is small. Instead of 3.73 million tons, a harvest of 3.72 million tons is now expected. However, the DRV does not give the all-clear due to the weather conditions. The rainfall has not fallen evenly and not all growing regions have benefited from the showers of the past few days. The drought monitor of the Helmholtz Institute also shows for a strip of the Cologne-Aachner Bay via the Saarland, the Palatinate, Thuringia and Saxony as well as northern Bavaria that the water available to plants is hardly available; Mecklenburg-Western Pomerania and northern Brandenburg are also affected. The weather forecast is still an issue at the CBoT.The situation in the corn belt has improved overall, but next week it's supposed to be hot and dry again, causing prices on the futures exchange in Chicago to rise. Support also came yesterday from more benign US corn export bookings, which came in slightly better than previously estimated.

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