On yesterday's trading day, corn prices on the Euronext/Matif were able to pause their downward trend after losses lasting for days. The most traded June date was around 1.25 euros/t northwards. The follow-up contracts were able to end the trading day with even higher gains. Uncertainty over Ukraine's grain deal dragged corn contracts higher with it. Statements by the Russian foreign minister at the G20 meeting in India raise concerns about the extension of the agreement. Nevertheless, market participants point out that Russia had also set high conditions in the run-up to the last extension, but agreed to the extension at the end of the negotiations. The Buenos Aires Grains Exchange announced yesterday that it would reassess the forecast for domestic corn production and correct it downwards. A harvest volume of 41 million tons was last expected, at the beginning of the season the figure was still 50 million tons. Contracts on the CBoT closed inconsistently, with the front contracts going south. Overall, corn prices in Chicago were very volatile yesterday and changed the color of the signs several times. US export sales for the week ended February 23 are at 598.100 tons well below the average values of the last few weeks and 598,000 tons less than in the previous week.
Source
VR AGRICULTURAL
