Mainly because of the positive development in wheat contracts, corn rose again yesterday and was able to close the month of June at EUR 260.75, up EUR 7 per ton. For the dates of the new harvest, on the other hand, the price increases were significantly lower. The November date rose by EUR 3.50 to EUR 253.50/t. Price gains for CBoT corn provided additional tailwind on Euronext/Matf. The focus here was primarily on weekly export shipments, which at 660,000 tons were significantly lower than in the previous week, when more than 1.19 million tons were shipped. However, since the USDA was again able to announce a so-called flash sale to an unknown buyer for 112,800 tons, there was a boost. Most recently, the USDA was able to report new export contracts, particularly with China, on an almost daily basis. The fact that crude oil prices also rose significantly yesterday also boosted corn prices on the CBoT. Because of the processing of corn into biofuels in the US, crude oil and corn are particularly correlated. WTI rose $3.60 to $72.79 a barrel yesterday.
Source
VR AGRICULTURAL
