Maize
Maize
Price movements (monthly)
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Maize yellow A1 Euronext Paris
Month-on-month Change
Year-on-year Change
Maize no 2 CME Chic US
Month-on-month Change
Year-on-year Change
US corn harvest nears completion
- Players estimate that the US corn harvest reached around 83% completion for the week ending November 2, with projections ranging between 78% and 90%.
Ukraine corn production rebound
- Market participants said that earlier worries over summer weather-related yield losses in Ukraine have eased, with production levels now stronger than initially expected.
Brazil first crop corn planting nearing the halfway mark
- Industry sources reported that Brazil’s first corn crop planting is now around or slightly above 50% complete. While some concerns remain over rainfall levels, players noted that recent showers have been beneficial for crop development.
Maize
Price forecast
Euronext maize prices have been in a pronounced downtrend since 2022. However, recent market signals suggest the decline may be nearing an end. Our models indicate prices are approaching a bottom. This suggests a potential corrective rebound that could last several months. Fundamentally, maize remains significantly undervalued after a prolonged period of weakness. This implies the market may need to realign toward its fair value range.
Seasonal patterns also point to improving demand as we approach early 2026. In recent months, non-commercial speculators have begun shifting their positions from short to long. This indicates renewed confidence in a potential recovery. This change in market sentiment is likely to add upward pressure on prices in the near term.
From a global perspective, the USDA expects maize inventories to decline in 2025/26, which, if realised it would support an increase in maize prices. Similarly, EU stocks are projected to decline, further boosting bullish sentiment.
Technical indicators align with this outlook, showing early signs of a short-term uptrend possibly being undergoing. We interpret this as the beginning of a corrective phase, and while the duration of this upward movement remains uncertain, our models suggest it could persist for several months and potentially extend through much of 2026.
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