The dates of the old crop went south again yesterday on the Euronext/Matif. The front month of June fell to EUR 242.75 (- EUR 2.00/t compared to Wednesday). The contracts for the new crop increased slightly with manageable sales volumes. The November contract went up by EUR 1.25 to EUR 241.75/t. Fundamentally, little has changed on the European corn market. The high imports continue to ensure a good supply situation and the extension of the grain agreement still resonated in trade yesterday. However, the fact that the agreement is only to apply for 60 days should soon trigger a discussion about how things will continue after May 18 and what the global supply situation is like. At the CBoT, the contracts said goodbye to the trading day with a red sign, but are again showing a mixed trend in pre-market trading today. The USDA was again able to report a sale to China yesterday. Buyers booked 123,000 tons of US corn yesterday. Weekly export sales through March 16 totaled 3.1 million tons, at the higher end of analyst estimates and limiting the price drop.
Source
VR AGRICULTURAL
