Report: Corn prices expected to stagnate, despite extreme heat

Weather

The extremely hot weather in Hungary is expected to reduce the country’s corn harvest this year, to less than 7 million tons, József Vancsura, the head of the National Grain Growers Association told Hungarian economic daily Világgazdaság today.

The head said that earlier the harvest was expected to reach approximately 9 million tons, approaching last year’s 9.2 million-ton harvest. Vancsura said that due to the extremely hot weather in the past few weeks, damage to the corn harvest is estimated at over HUF 40 bln.

Despite smaller harvest, the prices of corn are not likely to rise substantially Zsófia Posta, head of the Hungarian Grain Processors, Feed Makers and Traders Association, told the paper.

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