Corn futures on the CBoT recorded losses shortly before midweek: the March contract fell by 7.40 US cents to 484.00 US cents/bushel, while the May futures fell by 6.40 US cents to 498.00 US cents/bushel. According to the USDA, corn production in Brazil is expected to fall by 1 million tons to 126 million tons. Delays in sowing the second harvest were cited as the cause. For the Argentinian harvest, analysts also expect a decline of 1 million tons to 50 million tons. However, the forecast is above market expectations of 49.5 million tons. Global stocks fell by 3.03 million tons to 293.34 million tons, with Chinese reserves in particular declining by 3 million tons due to lower imports.
Source
VR AGRAR
