BAGE reduces corn forecast for Argentina to 54 million tonnes

Corn went south yesterday. The front month of June remained above the 190 euro/t mark, but had to record a daily loss of 1.75 euro/t at the closing bell. Closing price was 191.75 euros/t. However, Friday's profit was not completely given back. On Friday, the front month increased by 4.25 euros per ton. The corn trade is primarily influenced by the renewed tensions between Russia and Ukraine, but requirements from overseas also play a role. In the USA, farmers in the southeast of the country are already busy planting seeds, but are not making progress as quickly as on average in recent years. In the Midwest, sowing is made even more difficult by drought. Traders expect the first estimate for 2024 cultivation from the USDA soon. The majority of market participants expect that the area will continue to be large, but will be below the cultivated area in 2023. In Argentina, the grain exchange in Buenos Aires has reduced its previous forecast by 2.5 million tons to 54 million tons, citing the recent heat wave and the infestation of some stocks with spiroplasma. The harvest in Argentina has now begun. After yesterday's losses on the CBoT, prices were also weaker today before the trading session.

VR Agriculture
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