US corn exports disappoint

The November contract for corn on the Paris Euronext/Matif closed yesterday with a loss of 0.75 euros at 208.25 euros/t, slightly lower than at the beginning of the week. The corn harvest is starting in more and more regions. However, overall trade in grain maize remains subdued at the moment. Many farmers are cautious about current prices. Demand for biogas plants is also likely to be exciting regionally and will bring impetus as the year progresses. The International Grain Council has increased its forecast for the corn harvest for the 2023/24 season to 1.22 billion tons and global final stocks at the end of the marketing year are also estimated to be a good 1 million tons higher at 118.8 million tons. On the CBoT, the most traded December contract lost 7 US cents/bu at a closing price of 475.25 US cents/bu, which corresponds to a converted price of around 157.60 euros/t. In addition to the current harvest, the weak environment for soy and wheat had a negative impact, but weak demand for US corn also weighed on sentiment. According to the USDA, in the week ending September 14th. 567,000 tons of corn ordered. This was at the lower end of analyst expectations and lower than the previous week.There are slight green signs for corn on the CBoT this morning before the trading session.

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