Yesterday, Tuesday, corn contracts on the Euronext/Matif in Paris showed slight losses. The front month loses EUR 0.50 per ton and closes at EUR 327.50. The USDA figures came a little late for trading in Europe. The September WASDE once again cut the EU corn forecasts. The analysts of the US Department of Agriculture are now expecting an EU corn harvest of 58.8 million tons, which is 1.2 percent less than in August. The EU Commission also lowered its estimate below the 60 million ton mark in August. The USDA also cut corn expectations for the USA. Compared to previous estimates, harvest volumes will be reduced by 10.5 million tons, and demand for US corn is also expected to decline slightly. Globally, the corn harvest will change little. The lower yields in Europe and the USA are offset by higher yields in Canada, China and the Ukraine. On the CBoT, corn contracts were also able to increase due to the prospects for the US crop. Pre-market, the mias contracts in Chicago are slightly upbeat today.
Source
VR AgrarBeratung AG
