Corn: all eyes on South America

Prices on Euronext/Matif remained firm yesterday (Thursday). The front month fell with low trading volumes, while all other contracts closed with a green sign. Prices on the spot markets have also firmed this week. At the wholesale level, 212 euros/t are currently being quoted for prompt deliveries in South Oldenburg. However, physical business activity is manageable, partly due to the public holiday. Internationally, maize traders are looking ahead to the US Department of Agriculture's May WASDE today. This will be published today at 18:00 CET. The estimates for South America should be particularly exciting. Flooding in Brazil and insect problems in Argentina are likely to significantly reduce expectations for the coming harvests. The US export figures were also positive yesterday. In the week to 2 May, 890,000 tons were sold. In addition, the Ministry announced a private sale of 132,000 tons of corn to buyers from Mexico yesterday. However, the news could not lift corn contracts into the profit zone. CBoT corn fell slightly yesterday, but is showing slight green signs today in pre-market trading.

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