Global: Weekly overview of the corn market, December 03

Published 2024년 12월 3일

Tridge summary

Favorable weather in Brazil and Argentina is boosting prospects for large South American crops, putting pressure on corn futures. In Argentina, some drier areas have received substantial rain, and in Brazil, the rainy season continues to support crop growth. France's harvest campaign conditions are mostly favorable. MATIF corn prices have hit a three-month low due to the introduction of the new French corn crop and increased EU production forecasts. The USDA reports a 31% increase in US corn sales year-over-year, with Colombia, Mexico, and South Korea as the main buyers. However, drought in South Africa is expected to reduce corn production by 22.6%. Brazil's corn production is projected to increase by 3.5% in 2024/25, driven by ethanol production. The Russian government has set a zero export quota for corn and barley from February 16 to June 30, a tariff increase for corn from December 4-10, and a zero export quota for barley from July 1 to December 31.

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

Original content

Weather Rainy weather in Brazil and Argentina continues to improve prospects for huge South American crops, so pressure on corn futures remains. In Argentina, good amounts of rain fell in some of the drier southern areas, and a new front will move through with more scattered showers at the end of the week. Brazil's rainy season continues in full force and conditions for corn and soybean growth remain favorable. The weather in France for the next seven days suggests that conditions for the completion of the harvest campaign will be mostly favorable. Highlights from global markets MATIF corn realized a "red" week erasing €7.5/t, thus reaching a three-month price bottom. The reasons include the strong entry of the new crop of French corn into the market, increasing the pressure on quotations. An additional factor for the weakness is the forecasts of the EC for greater corn production in the EU (by 1.6 million tons more) and of the French AGPM, which predicts a 10% increase in the ...

Source: Agroportal