US corn acreage 1.9 million hectares larger than 2023

In Paris, corn contracts headed north before Easter. The front month of June rose by 2.75 euros to 193.25 euros/t. This means that the most traded June contract gained 18.50 euros per ton throughout the entire month of March, thus breaking its downward trend. The wheat specifications were primarily responsible for the price increases on Friday. At the CBoT, however, corn went south yesterday Monday. Although the good export shipments of 1.4 million tons (+180,000 tons compared to the previous week) are supporting the prices, the start of sowing in the USA for the coming harvest is having a negative impact. In Texas, 57 percent of the planned areas have already been ordered, and for the entire USA it is currently 2 percent. As expected, in the report on cultivation estimates, the USDA revised the previous forecast slightly downwards. A total area of 36.4 million hectares is expected, an increase of 1.9 million hectares compared to the previous year. Premarket in Chicago today, corn is once again trending in the red.

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