Second corn sowing in Brazil on the finish line

Corn in the front month of June closed yesterday at a closing price of 172.25 euros per ton, 1.25 euros lower than on Tuesday. Things also went south for the subsequent delivery dates on Euronext/Matif. The price recovery on Tuesday was therefore only short-lived and was completely wiped out yesterday. The compound feed industry only requests short-term requirements and can use both domestic offers and offers from Eastern Europe and France. On the CBoT, corn was able to leave the trading session yesterday with small premiums and is also showing slight green signs in the premarket this morning. However, the once again better weather forecasts for South America are keeping price gains significantly limited. Analysts are expecting cuts for Brazil in advance of tomorrow's WASDE. Ending stocks in the USA are also expected to be lower. Not only is the first corn harvest currently underway in Brazil. Sowing for the second harvest is progressing very well and is now 86 percent complete, as the analysis company AgRural reports. Last year at this point in the year there was only 70 percent sowing progress. U.S. ethanol production shows a decline in weekly data from the Energy Department, while inventories continued to rise, reaching 26.051 million barrels, the highest in 11 months.

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