USDA increases global corn production

The front month of August for corn was able to increase slightly by 0.75 euros/t yesterday. However, like the subsequent contracts, the most traded November date closed with a red sign at EUR 223/t. The figures from the WASDE report caused price movements, especially in the US. Global corn production is now seen at 1.224 million tons in the 2023/24 marketing year, up from 1.222 million tons in June. For Europe, the USDA has revised its estimate down again by 900,000 to 63.40 million tons. There were also slight adjustments for the Ukraine from 24.5 million tons to 25 million tons. Global ending stocks are also valued higher. In contrast to the June forecast, more corn is expected in the USA. The recent rain showers have apparently caused the USDA experts to assume better harvests, and changed cultivation areas also play a role in the assessment. In addition, the figures for ethanol production in the USA had a negative impact. This remained constant compared to the previous week, but due to weaker demand, inventories increased by 2 percent. There is still no clear direction before the market this morning, with most of the contracts on the CBoT showing marginal losses.

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