Corn: Weak Trade Despite Reduced Ending Stocks
Corn trading closed lower on Friday at the CBoT, with December futures falling by 2.75 ct to 0.15 EUR/kg (150 EUR/t). The weekly loss amounted to 9 ct (2.1%).
On Euronext, November futures fell by 1 EUR to 0.215 EUR/kg (215 EUR/t), but managed to post a weekly gain of 1.50 EUR (0.7%). The WASDE report reduced global corn ending stocks by 1.8 million tons to 306.5 million tons, mainly due to lower crops in Ukraine and Russia.
On Euronext, November futures fell by 1 EUR to 0.215 EUR/kg (215 EUR/t), but managed to post a weekly gain of 1.50 EUR (0.7%). The WASDE report reduced global corn ending stocks by 1.8 million tons to 306.5 million tons, mainly due to lower crops in Ukraine and Russia.
Forecast
Corn prices are expected to stabilize around 0.15 EUR/kg. Prices may rise moderately later in the year if harvest delays in Europe persist and exports remain strong.