Lower EU corn harvest forecasts support prices in Ukraine

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Strategie Grains experts last week lowered the EU corn production forecast for 2022/23 MY from 55.4 to 52.9 million tons, which would be 34% lower than last year's harvest and 20% lower than the original June forecast of 66.8 million tons. the estimate of corn imports from Ukraine was raised from 9 to 10.4 million tons from 8 million tons in 2021/22 MY. This was reported by the Electronic Grain Exchange of Ukraine.

On September 16, the agency Coceral lowered its forecast for the EU corn crop in 2022/23 MY to 51.9 million tons compared to 70.2 million tons in 2021/22 MY.

According to FranceAgriMer, in France corn is threshed in 14% of areas, and 43% of crops are in good or excellent condition, compared to 89% a year ago.

Agritel analysts report that the first harvest data show very low corn yields in France, so the production forecast was lowered to 10 million tons from 15.2 million tons last year.

However, European corn prices haven't reacted to lower crop forecasts and November futures on Paris Euronext traded at 328 euro/t or $327.8/t during the week, although they have risen by 3.1% since early September.

More details at: agravery.com