7.3 million hectares of corn cultivation expected in Argentina

In the slipstream of the wheat setbacks, corn also went south on the Euronext/Matif. The front month of March lost 0.75 euros per ton to 206.00 euros/t. This means that the contract has fallen by a total of 1.50 euros/t over the last trading week. It wasn't just the negative requirements for Matif wheat that had a stressful effect. The increased harvest forecasts worldwide and the higher ending stocks also caused price pressure. According to government officials, Ukrainian sea transport also appears to be continuing to run smoothly. The hit by a rocket on a civilian freighter in the port of Odessa apparently did not have a lasting impact on the dynamics of grain exports. At the CBoT, corn prices also showed red signs. The front month of December closed with a loss of 4 US cents at 464 US cents/bu, which corresponds to a converted price of 170.90 euros per ton. The bearish WASDE report from Thursday had an impact here too. According to the fresh figures, the US harvest could reach a record high. In Argentina, the grain exchange reports rapid progress in corn sowing, which is currently 24.7 percent complete. In total, the Buenos Aires stock exchange expects a corn cultivation area of 7.3 million hectares.

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