Weather forecasts continue to weigh on corn prices

Corn also went south on the last trading day of the first week in July. The November date closed 1.75 euros lower at 222.50 euros/t. While corn on the CBoT is up for the week, European corn on Euronext/Matif is weaker than at the beginning of the week. Rain showers in Europe, which fell again yesterday in large parts of western and northern Germany, have improved overall growth conditions in this country. It is not yet known this morning whether yesterday's storm caused significant damage to the corn. The grain association UZA from the Ukraine expects a corn harvest of 24.2 million tons and thus increases its previous forecast by 1 million tons. The USDA had accepted 24.5 million tons of corn for Ukraine in the June WASDE. However, there is still uncertainty as to whether the Ukraine will also be able to ship this harvest via the Black Sea. The CBoT continued south due to good weather prospects in the Corn Belt. Weekly export shipments, the USDA released on Friday, were in line with previous analysts' expectations. An announced flash sale for a total of 180,000 tons of US corn sold to Mexico was not able to turn the tide.Argentina's corn harvest is currently slowed down by rain. Due to the drought in the country, the grain exchange in Buenos Aires is expecting a harvest of 34 million tons (previous year 52 million tons), slightly more than half of the starting area has currently been harvested.

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