Yield prospects let corn rise

Due to concerns about the quantity and quality of the corn harvest in Europe and the USA, the prices on Matif and CBoT could also increase yesterday. Strategie Grains has reduced its corn forecast for Europe by 10 million tons to 55.4 million tons due to the drought. The German Maize Committee also expects significant yield losses. The first farms are expected to harvest the first stocks as early as next week. The Grains Council there also fears a significant drop in corn yields from the Ukraine. In the west and south in particular, it is much too dry and it has hardly rained in the past few weeks. The state grain agency CONAB (Brazil) has also lowered its estimate for the corn harvest there. This should amount to 114.69 million tons and thus 0.97 million tons less than previously expected. For today's WASDE, market participants expect a reduction in harvest volumes. Before trading, the eCBoT shows only minor price changes with a red sign.