Commodities
Corn Holds Steady as US Harvest Progress Outpaces European Crop Losses
Corn prices in Chicago held steady as the US harvest made progress ahead of last year's pace, but European crop losses weighed on sentiment. The market was also influenced by growing hopes for a Black Sea export corridor, which put pressure on wheat prices.
French corn production is expected to fall 45.5% year-on-year due to poor harvest data, while Coceral in Europe reduced its forecast for EU+UK wheat production to 137.5 million tonnes, down from 140.8 million tonnes projected in July.
US spring wheat is 96% harvested, and US winter wheat planting is 17% complete, but the lack of supportive news weighed on prices before the market recovered.