Euronext in Paris, the November 23 corn contract lost EUR0.01 to EUR0.24/kg before the weekend. On CBoT, the September 23 contract slipped 12.25 ct to 521 ct/bu (0.18 EUR/kg).
U.S. corn exports are currently below expectations, which is weighing on the market. The potential increase in the price of Ukrainian exports following the expiration of the grain agreement had opened up opportunities for the U.S. to increase export volumes, which have so far failed to materialize. A large Brazilian crop is putting a damper on those hopes for now.
According to the Buenos Aires Grain Exchange, the Argentine corn harvest could reach 34 million tons this year. A good two-thirds of the harvest work there has been completed. In the EU, according to the Commission, the harvest could reach 63 million t this year, which would represent a decline of just under 1% from the last estimate.