Corn: Analysts expect production cuts in South America

Corn went south yesterday as a result of the weak wheat forecast. The most traded June contract closed 1.25 euros lower at 190.50 euros/t. This means that the June contract has lost 2.75 euros/t for the month so far. Corn on the CBoT also closed with losses yesterday. The front month of May closed 6.50 US cents lower at 435.50 US cents/bu, or the equivalent of 159.58 euros per ton. Traders are currently positioning themselves for the WASDE tomorrow, Thursday. In advance, analysts and traders are speculating about a slight reduction in the harvest forecasts for Argentina and Brazil. Global ending stocks are also valued lower compared to the March WASDE. Due to the overall high availability of corn and the high competition on the world market, particularly due to the current harvest in South America, the corn contracts were unable to find the green zone. Pre-market trading this morning showed slight positive tendencies in electronic trading in Chicago.

VR Agrar
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