The significantly negative specifications for Matif wheat only had a limited effect on the corn contracts on the Paris Stock Exchange yesterday. The front month of March lost 1.25 euros/t and closed at 293.50 euros/t. This means that March maize is EUR 6.50 per tonne higher than March wheat. Usually, wheat is more expensive than corn. The EU Commission will not publish any current export and import figures for Europe this week due to ongoing technical problems. Although corn is only traded to a small extent on the local spot markets, prices have remained stable over the course of the week so far. At the CBoT, however, things went uphill for Mais after the long weekend. Friendly US export shipment figures of 622,841 tons last week provided support. The weather forecast for Argentina still shows no rain for the next 10 days. The estimate by the grain exchange in Rosario (Argentina) that Argentine corn exports are likely to be 40 percent lower was also positive from a US perspective. According to estimates, the country could export a maximum of 8.7 million tons of corn.
Source
VR AGRICULTURAL
