Global corn market weekly review as of September 10, 2024

The weather According to the USDA, hotter, drier weather in the U.S. is hurting corn, with the share of the crop in good and excellent falling to 64 percent, down from 52 percent a year ago. With the end of vegetation and ready for harvesting, 29% are against 19% a week ago and 24% on average for the last 5 years. The first national progress of the harvest is already reported, which as of September 8 was completed at 5% against 3% on average for the last 5 years. In Brazil and Argentina, it remains mostly dry, which is increasingly likely to delay the sowing campaign in both countries. Forecasts for Europe and the Black Sea region indicate moderate temperatures and precipitation during the week. Highlights from global markets MATIF's corn remains mostly firm through the week. The top November futures hovers around the psychological €200, but fails to muster enough strength to overcome the former support, which has more or less turned into resistance - €200/205. In its ...