French corn crop conditions fall to a 15-year low

Corn crop conditions in France continue to deteriorate sharply due to prolonged heat and drought. As of August 24, only 28% of the crop was rated good to excellent by FranceAgriMer, the lowest level in at least 15 years.

The share of corn rated good to excellent declined from 29% to 28% over the week. By comparison, 62% of the crop was rated good to excellent at the same time last year, more than twice the current level.

Persistently high temperatures and moisture shortages throughout the summer have been the main factors behind the deterioration. Adverse weather has caused significant crop damage and prompted substantial downward revisions to corn yield forecasts.

The situation in France is important for the broader European market, as the country is one of the EU’s key corn producers. Deteriorating crop prospects are increasing concerns about lower French corn supplies this season.

Expectations of a smaller harvest are already supporting corn prices. Spot prices are strengthening, while futures are also trending higher amid forecasts of lower production and exceptionally poor French crop conditions.

Tags: corn, France, crop condition