Corn Prices Rise Slightly in Chicago and Paris – Steady Export Demand Supports Market
Corn Prices Rise Slightly in Chicago and Paris – Steady Export Demand Supports Market
CHICAGO/PARIS (Reuters) – Corn trading saw slight gains on Tuesday in both Chicago and the Euronext exchange in Paris. The December contract rose 2 cents at the Chicago Board of Trade (CBoT) to 418.4 cents per bushel, equivalent to approximately 152.34 EUR per ton. Meanwhile, the March future in Paris gained 1.24 EUR, closing at 207.50 EUR per ton.
Analysts report that the U.S. corn market benefited from steady export demand. The U.S. Department of Agriculture (USDA) announced a sale of 124,000 tons of corn for the 2024/25 crop year to an undisclosed buyer. While this volume did not trigger significant purchases on the CBoT, the news provided some market support. Export bookings for the week totalled 394,000 tons.
Political developments also impacted the markets on Tuesday. As U.S. midterm election results showed Donald Trump leading in several key swing states, corn and soybean prices initially declined. Both markets saw early losses before corn later stabilized.
Attention now shifts to the USDA's upcoming WASDE report, set for release on Friday. Analysts anticipate only minor adjustments, including a slight reduction in yield, production, and ending stock estimates for corn in the 2024/25 season.
CHICAGO/PARIS (Reuters) – Corn trading saw slight gains on Tuesday in both Chicago and the Euronext exchange in Paris. The December contract rose 2 cents at the Chicago Board of Trade (CBoT) to 418.4 cents per bushel, equivalent to approximately 152.34 EUR per ton. Meanwhile, the March future in Paris gained 1.24 EUR, closing at 207.50 EUR per ton.
Analysts report that the U.S. corn market benefited from steady export demand. The U.S. Department of Agriculture (USDA) announced a sale of 124,000 tons of corn for the 2024/25 crop year to an undisclosed buyer. While this volume did not trigger significant purchases on the CBoT, the news provided some market support. Export bookings for the week totalled 394,000 tons.
Political developments also impacted the markets on Tuesday. As U.S. midterm election results showed Donald Trump leading in several key swing states, corn and soybean prices initially declined. Both markets saw early losses before corn later stabilized.
Attention now shifts to the USDA's upcoming WASDE report, set for release on Friday. Analysts anticipate only minor adjustments, including a slight reduction in yield, production, and ending stock estimates for corn in the 2024/25 season.