USDA Reduces Condition Ratings on Corn

On Monday, corn prices on the Paris Euronext/Matif fell. The November date closed with a loss of 3.75 euros at 209.25 euros/t. The corn harvest is just getting started in Europe and is causing corresponding price pressure. In addition, the negative requirements from the wheat market and the US stock exchange are weighing on local prices. The compound feed industry is also currently showing little willingness to buy, and there is currently hardly any stimulus from the cash market. It is currently raining in the US May Belt, in the western areas there is very heavy rainfall, in the eastern areas it remains mostly dry. 9 percent of US corn stocks have now been harvested. The harvest started a little faster than last year and the average of the last five years, where 7 percent had been harvested at this point. After trading, the USDA reduced the proportion of stocks in good or very good condition by one percentage point to 51 percent. The USA's corn exports, which were around 2.7 percent higher than in the previous week, are more positive and the overall seasonal result so far is also above the previous year's value. However, this could not slow down the reverse gear at the CBoT.Pre-market corn contracts in Chicago are also trending red this morning.

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