Conab reduces corn forecast for Brazil

Yesterday, corn on Euronext/Matif went north by 0.50 euros for the front month. At the final bell the price on the display board was 193.75 euros/t. There was sometimes a wide trading range during trading compared to the last few days. The following June contract was able to reach the 200 euro mark again over the course of the day, but at the bell this contract was also below that at 199.50 euros/t. There were also slight increases on the CBoT. Brazil's state agricultural agency, Conab, released its updated corn harvest forecast yesterday. The authority expects total production of 117.6 million tons, around 0.9 million tons less than before. The serious harvest is expected to account for 24.4 million tons, while the second corn harvest is estimated at 91.2 million tons. It will be interesting to see how the USDA assesses the harvest in Brazil. The current Conab forecast is well below the USDA's last estimate. However, analysts expect that despite better weather conditions since mid-December, there will be a correction for Brazil in the WASDE report. There are slight green signs in the corn futures on the CBoT today before the trading session.

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