Corn Market: Slight Losses at CBoT and Euronext on Tuesday

Corn Prices Under Pressure from Favorable South American WeatherCorn prices edged lower on Tuesday, weighed down by weaker wheat and soybean markets and favourable weather conditions in Brazil and Argentina. Despite steady export demand, the market remains under pressure.

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Corn futures at the Chicago Board of Trade (CBoT) closed slightly lower on Tuesday. The March contract dropped by 1.5 cents, settling at 443.5 cents per bushel, equivalent to 169.95 USD per ton or approximately 154.66 EUR per ton (based on an exchange rate of 1 USD = 0.91 EUR). The March contract fell by 0.25 EUR at the Euronext, ending at 207.75 EUR per ton.

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Market Influences

• Weaker Wheat and Soybean Markets:Falling wheat and soybean prices weighed down corn trading in Chicago.
• Favorable Weather Conditions in South America:Favourable weather conditions in Brazil and Argentina support strong crop development, putting additional pressure on prices.
• Export Demand:The USDA reported selling 170,400 tons of corn to Mexico for delivery during the 2024/25 marketing year.
• EU Corn Imports:Corn imports to the European Union remain above last year’s levels.
  • Imports for the 2024/25 season (July 1 to December 15): 9.17 million tons, compared to 8.34 million tons during the same period last year, according to the European Commission’s weekly report released Tuesday.

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Outlook

While export activity supports the corn market, favourable weather conditions in South America and weaker trends in competing grains like wheat and soybeans will likely keep corn prices under pressure soon.

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