Global corn market weekly review, October 22

Published 2024년 10월 22일

Tridge summary

The agricultural news article provides an overview of the current status of the sowing and harvesting campaigns for corn in various countries, including Brazil, Argentina, the US, France, and Ukraine. It highlights the impact of weather conditions on crop progress and conditions, with Brazil and Argentina experiencing favorable weather that aids in sowing and harvesting, while France faces challenges resulting in a delayed harvest. The article also discusses the pressure on WTO corn quotes and MATIF prices due to significant rainfall in Brazil and Argentina, record-fast US harvest rates, and strong export sales. Additionally, it covers the dynamics of corn exports and prices in the global market, with a focus on North American corn purchases for the Mediterranean and the Middle East/North Africa, and dry conditions accelerating the US harvest, all contributing to the current market trends.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The weather Climatic conditions in Brazil and Argentina remain favorable for the progress of sowing campaigns in both countries. Rainy weather has eased drought in some key regions, with corn planted at 24.3% of projected areas in Argentina and the first crop in Brazil reaching 29%. Although parts of the US "corn belt" will receive rain during the week, no significant delay in the harvest campaign is expected nationwide. In Western Europe, and in particular France, the weather will again pose challenges for the harvest, which is 54% behind on a year-on-year basis. Highlights from global markets Significant rains in Brazil and Argentina, record fast harvest rates and strong export sales in the US are putting pressure on WTO corn quotes, which inevitably affects MATIF as well. November futures posted their first weekly loss since mid-September, losing €3.5/t to €211.5/t on Friday, despite a slow French corn harvest becoming more pronounced. According to data from ...

Source: Agroportal