US corn forecast revised downwards

Europe's corn prices did not benefit as significantly from the USDA's October WASDE figures compared to American corn or wheat. For the November contract it rose slightly by 0.25 euros/t to 199.75 euros/t. The subsequent contracts trended unchanged to slightly weaker. For Europe, the US Department of Agriculture sees corn production of 59.7 million tons, raising the forecast by 300,000 tons. Imports to the EU-27 are still expected at 24 million tonnes. Corn contracts on the CBoT rose significantly yesterday, contrary to the trend of the last few days. As previously expected, US production forecasts were reduced. Accordingly, 382.7 million tons of corn are expected to be brought in; in September, 1.8 million tons more were expected. US inventories have also been revised downwards, although export potential is also estimated to be lower. Additional support for corn prices on the CBoT came from the export market. The USDA announced an order of 124,500 tons of corn from a buyer from Guatemala in a flash sale. On the other hand, ethanol production in the USA is declining slightly again. Before the trading session, the contracts on the CBoT were showing slight red signs this morning.

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