US corn health ratings lowered

Contrary to the trend in wheat, corn prices on Euronext/Matif were able to develop more firmly yesterday. The November date was sent on relatively high sales volumes with profits from the trading session and closed at 215.50 euros/t. Follow-up contracts also increased. Some precipitation fell in northern and western Germany over the weekend, and there were severe weather conditions in southern Germany. However, as so often in recent years, there is a lack of soil moisture, especially in eastern Germany. In yesterday's provisional harvest balance, the Federal Ministry of Food and Agriculture estimated a grain maize harvest (including CCM) of 4.20 million tons. This means that the previous year's result is valued 9.5 percent higher despite the smaller acreage. Corn contracts also gained on the CBoT. Here, the reduced assessment of the condition of the maize plants is given as the main reason. The USDA rated 55 percent in good to very good yesterday, up 2 percentage points the week before. Premarket CBoT contracts are trending slightly weaker today.

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