Global corn market weekly review as of September 10, 2024

Published Sep 10, 2024

Tridge summary

Hotter, drier weather in the U.S. is negatively impacting corn crops, though harvest progress is slightly ahead of the five-year average. In Brazil and Argentina, dry conditions may delay sowing, while Europe and the Black Sea regions expect moderate weather. Global corn markets show mixed trends, with MATIF's corn prices struggling and the UN's AMIS lowering EU production forecasts. U.S. weekly corn exports fell short, but France maintains good conditions. Ukrainian exports have increased due to humanitarian corridors, with Spain as the largest importer. Ukrainian production for 2024/25 is estimated at 23-25 Mt, with exports forecasted to decrease by 29%. Despite a second weekly gain in MATIF prices, market uncertainty persists due to crop damage in the Black Sea region and Europe, contrasted with large U.S. production expectations.

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

Original content

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 ...

Source: Agroportal