At the CBoT on Tuesday, corn gave back some of Monday’s gains. The most traded December term lost 3 cents to 557.5 ct/bu (201 EUR/t). On Euronext, November futures slipped 1.75 EUR to 246.75 EUR/t.
Analyst Dr Michael Cordonnier cut his US corn yield expectations by 1 bu/ac to 174 bu. He expects the US corn crop to be 15.01 billion bu (381.3 million t), down from the 389.15 million t USDA estimated in the July Wasde. The US corn crop is currently in flower. Hot and dry conditions at this stage of development can lead to yield losses. In southern and western Germany, rains have improved the outlook for the corn crop.
On the cash market, corn prices fell sharply on Tuesday. August delivery was quoted at 279 euro, 9 euro less than on Monday.