Corn Market: Mixed Performance at CBoT and Euronext on Thursday
Corn prices at the
Chicago Board of Trade (CBoT) closed higher on Thursday, supported by gains in the soybean market. The
March contract rose by
3.5 cents, settling at
437.25 cents per bushel, equivalent to
167.47 USD per ton or approximately
152.40 EUR per ton (based on an exchange rate of 1 USD = 0.91 EUR). At the
Euronext, corn futures ended mixed, with the
March contract dropping by
1.75 EUR to
205 EUR per ton, marking a three-week low.
Forecasts for 2025 Corn and Barley Production
- Strategie Grains:On Friday, Strategie Grains released its first forecast for the 2025 EU corn harvest:
- Corn production is expected to rise to 59.6 million tons, up from 57.9 million tons last year.
- Improved yields are anticipated to offset the reduction in planted areas.
- For barley, production is projected at 50.6 million tons for 2025/26, similar to this year’s 50.3 million tons, as yield recovery is expected to compensate for reduced acreage.
- COCERAL:The agricultural trade association COCERAL also provided an early outlook for 2025:
- Barley production in the EU and the UK: Total production is forecasted at 59.7 million tons, up from 57.3 million tons this year.
- EU production: 51.9 million tons (up from 50.4 million tons).
- UK production: 7.8 million tons (up from 7.0 million tons).
- Corn production in the EU: Expected to rise to 61.9 million tons in 2025, compared to 60.2 million tons this year. Southeastern Europe is expected to recover significantly after drought and heat losses this year.
- UK corn production remains negligible.
USDA Weekly Export Report
The
USDA Export Report for the week ending
December 12 showed corn bookings of
1.175 million tons for the
2024/25 marketing year:
- Details:
- At the lower end of expectations (800,000 to 1.6 million tons).
- 24% higher than the previous week.
- 10% below the four-week average.
Market Outlook
While the Chicago corn market benefited from gains in the soybean market, European corn prices remained under pressure, reaching a multi-week low. Forecasts for higher corn production in 2025 in the EU and Southeastern Europe and moderate export activity suggest a stable but cautious market outlook in the near term.
