Buenos Aires Grains Exchange raises corn forecast to 56.5 million tons

With a closing price of 186.75 euros/t, corn trading for the front month of March 24 went slightly south on Friday. The follow-up contracts also posted slight losses on Euronext/Matif, with an overall manageable sales volume. Overall, the situation on the local cash markets has changed little; prices remained stable at the same level as of the weekend. The volumes traded are low compared to previous years. Overall, the news situation for corn in Europe remains thin, which is why developments in wheat and from overseas in particular influence the price development here. The Buenos Aires Grain Exchange reported an increased production forecast on Friday. The exchange increased its estimate by 1.5 million tons to 56.5 million tons. 41 percent of the stocks are assessed as being in good or very good condition. The increased production forecasts caused losses on the CBoT. The front month lost 5.50 US cents to 446.25 US cents/bu and therefore costs the equivalent of 162.07 euros/t. New rainfall is forecast in Brazil this week. Although the current soybean harvest will have to be interrupted, the corn plants should benefit significantly from this weather forecast.

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