The US corn (maize) harvest is beginning to gather steam this month in what is likely to be another bumper crop. Combines are busy working in fields across the US at present and by the end of the week it is expected the harvest will reach 15% completion.

This year, US growers planted almost 94m acres in corn, which was the highest area planted in corn since 2013 and the third-highest acreage since World War II. The US corn harvest is expected in at a massive 385m tonnes this season.

Grain prices are very sensitive to harvest pressures right now and the latest forecast for good weather in the coming week has sent corn prices tumbling.

The outlook for dry weather means the US harvest will begin to ramp up even more in the days ahead, lessening any chance there may be any reduction in the forecasted harvest tonnage.

Europe

In Europe, prices from the Euronext exchange (MATIF) in Paris also began the week on a downward trend.

December 2016 delivered milling wheat fell to €160/t, while December 2017 wheat was back at €172/t. European maize (corn) prices were in retreat, arising from pressure from the massive US harvest. November 2016 maize declined more than €2/t to below €161/t, while November 2017 maize continues to trade just below €166/t.

Oilseed rape prices have also suffered losses in recent days, with November 2016 rapeseed dropping €6/t since last week to currently trade at €374/t. November 2017 rapeseed is down to sit at €361/t.

Chicago

In Chicago (CME), harvest pressures continue to knock prices. December 2016 wheat eased back almost $5/t to below $146/t (€130/t), while December 2017 wheat is currently trading below $175/t (€156/t).

The ongoing corn harvest in US states is ramping up and dragging prices lower. December 2016 corn eased back almost $5/t in recent days and has fallen below the $130/t (€116/t) threshold once more. December 2017 corn finished at $145/t (€130/t).