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CBOT maize prices fell slightly in June to a monthly average of USD 231.7/MT (-1% m-o-m) following
the forecast of rainfall across the Midwest growing region for the end of June. However, the average
price remained well above last year, by 77.5%, driven by market concerns over tight domestic and
global supplies for the 2020/21 season due to declining stocks and unprecedented demand from
China.
The average price of Euronext maize plunged significantly by 17.3% m-o-m to EUR 205/MT in June,
driven by a drop in the November contract (the new 2021/22 crop) amid favourable growing
conditions across Europe and the prospect of a strong harvest in Ukraine. However, the June average
price was 26% higher y-o-y, mirroring the bullish global market following tight supplies and weather
concerns across major producing countries.
The CBOT wheat average price fell by 4.1% m-o-m to USD 247.8/MT in June, as supply and demand
projections from the USDA contributed to expectations of a relatively stable outlook for US wheat,
including the potential for a record global production in 2021/22. However, the June average price
remained 34.4% higher y-o-y due to substantial purchases from China and weather concerns during
H1 2021 potentially impacting US spring wheat crops.
The June average price of Euronext wheat fell by 3.5% m-o-m to EUR 209.5/MT as new crop prices
declined, emphasising expectations of ample supply for the new 2021/22 season. The EU 2021/22
production is forecast to recover by 11.6m to 137.5m tonnes (+9.2% y-o-y). However, the average
price was 15.3% high y-o-y, mirroring the benchmark price trend following drought concerns in the
US and Canada during H1 2021.