French Corn futures hits all-time lows in almost 25 years

French Corn

The Corn sowings in France which is the top producer of corn in the European Union is expected to fall in their newest levels in almost 25 years. This was the result of the growers being deterred by two years of poor yields and was forced to opt for other spring crop.

France’s agriculture ministry, in its initial forecast for corn sowings this year was pinned at 1.45 million hectares which was a fall of 2.4% if compared to last year’s sowings. This was the lowest recorded data that dates back to 1993-1994.

The fall back which is 1.39 million hectares for corn grain and 63,000 tons of seeds comes as an arid spring in France which is alarming for local corn growers in the country.

The ministry stated that farmers may be hesitant to plant corns because of the lack of moisture in the soil which could only lead to wasting resources. The ministry put emphasis that the drought is an issue for autumn-seeded cereals and noting that the spring weather conditions will now play add an advantage to winter grown crops.

Overall sowings with major crops will hold steady 9.5m hectares, with the ministry making small upgrades to estimates for winter grain seeding which includes a 33,000 hectare increase to 1.47 million hectares in the figure for winter barley plantings.

 Sugar beet plantings will jump by 69,000 hectares to 472,000 hectares, reflecting European Union sugar market liberalization which kicks in in September.

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