According to a report released on Wednesday by the German Rifeisen Association (DRV), the corn output in Germany in 2022 is estimated to be 3.54 million tons, down 20.2% year on year, because of the long drought and hot summer.

This year's corn harvest in other European countries, especially France, was also damaged by extreme drought and heat wave weather in summer. French corn production is expected to hit its lowest level in 15 years.

The association said that the United States also lowered its corn production forecast for this year, and global corn supply is expected to become tight.