U.S. Corn Market Gains: Strong Export Demand and Weaker Dollar Drive Prices
Chicago, November 8 – The U.S. corn market is trending upwards, supported by strong export demand, a weaker U.S. dollar, and firmer soybean markets. Corn futures on the Chicago Board of Trade (CBoT) saw a slight increase on Thursday, with the December contract rising by 1.25 cents to 3.85 EUR per bushel (approximately 0.152 EUR/kg), reaching its highest closing price since early October. Meanwhile, the March contract on Euronext in Paris dropped slightly by 0.75 EUR, ending at 210.50 EUR per ton (0.2105 EUR/kg).
Global demand for U.S. corn remains high. On Thursday, the U.S. Department of Agriculture (USDA) reported a private export sale of 120,000 tons to unknown destinations. Weekly export sales through October 31 amounted to 2.766 million tons, well above expectations of 1.7 to 2.5 million tons. This marks the second-largest weekly sales volume of the season, more than double the figure from the same period last year. Mexico was the largest buyer, purchasing 1.395 million tons.
At the same time, Brazilian corn exporters are under increasing pressure. Brazil’s corn exports fell to 6.4 million tons in October, over 2 million tons lower than the previous year. The Brazilian association ANEC expects a further decline in November, projecting exports to reach 4.8 million tons, compared to 7 million tons in November 2023.
Market attention is now focused on the USDA’s WASDE report, set for release at 6 p.m. CET today. Analysts expect a slight increase in global ending stocks, while U.S. production estimates may be slightly lower than last month’s forecast.