Corn prices on both the Euronext/Matif and the CBoT were flat at the end of the trading day. Traders attribute this to the somewhat calmer situation in Ukraine. But also the WASDE, which was published by the US Department of Agriculture (USDA) at 6 p.m. yesterday evening, ensured that prices moved sideways. The global production expectations were again reduced significantly compared to the September WASDE, but at the same time demand is also assessed to be weaker. The global ending stocks were reduced both compared to the previous year's result and compared to the September WASDE. The production cuts are due to lower expected harvests in both Europe and the USA. For the EU-27, the USDA now only expects a harvest volume of 56.20 million tons, in the previous month the forecast was still 58.80 million tons. Accordingly, the expectations for EU corn imports were increased by 1 million tons to 20 million tons now, but reduced consumption is contributing to the fact that the end stocks within the European Union are still expected to be 7.36 million tons.
Source
VR AGRAR
