After the significant price gains on Tuesday, Matif Mais also went up yesterday, Wednesday. The front month of March increased by EUR 3.50 to EUR 289.00 per tonne. The recently increased Matif prices are also reflected in the local cash markets. The CBoT also went uphill. The WASDE report released last night lowered expectations for this season's global ending stocks. This is mainly due to the small European harvest and the significantly lower expectations for Argentine production. In the US, on the other hand, ending stocks are growing, which is explained by lower domestic ethanol production. Argentina's harvest forecast has been revised from 52mn tons in January's WASDE to 47mn in yesterday's WASDE. The grain exchange in Rosario, on the other hand, is even more skeptical and only expects production of 42.5 million tons. The USDA still estimates Brazilian production at 125 million tons, but increased estimates for Brazilian exports. With 50 million tons of export potential, Brazil is also overtaking the USA as the largest global corn supplier. An export potential of 48.90 million tons is seen for the USA in the current season.Contracts on the CBoT closed yesterday in the green but are back in losses today with the start of pre-market trading in Chicago.
Source
VR AGRICULTURAL
