US corn exports still below prior year volume

Contrary to the tendencies on the wheat market, corn prices increased yesterday. The November contract closed 0.75 euros higher than on Friday and is thus quoted at 216.75 euros/t. The follow-up contracts from March 2024 were able to start the new trading week with higher profits. The weather forecast for the coming days continues to play a role. High temperatures are forecast, no precipitation is expected. The weather pattern is not only evident in Germany, this weather is predicted for Central Europe as a whole. Corn went noticeably south on the CBoT yesterday. The export shipments of the past week were higher than those of the previous week, but missed the previous year's result by a clear 41 percent. In addition, market participants continue to deal with the trade dispute with Mexico. Although the country still ordered more than 111,000 tons of corn on Friday, the country still wants to stick to the import ban on genetically modified corn. The matter will now be decided by an arbitration board. Pre-market signs are again red in Chicago today.

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