Corn: Analysts expect a smaller corn harvest in Brazil

The downward trend in corn that had lasted for days was interrupted on Friday. All contracts went north, the most traded March date closed with an increase of 0.75 euros at 181.50 euros/t. Quotations on the cash markets remained unchanged, while prices at the wholesale level increased slightly. Overall, however, trading remains manageable. On the CBoT, however, corn prices declined. Market participants point to manageable international demand and good global production prospects. This is likely to show up again on Thursday in the USDA's February WASDE. Although the first analysts expect the harvest forecast for Brazil to be corrected by around 2 million tons, the global corn harvest is still likely to be plentiful. Analysts are more optimistic about the forecast for US exports. Because of the smaller corn harvest in Brazil, the USA's opportunities in international trade are likely to increase. The final stocks are therefore assumed to be lower. The upcoming WASDE will be published this week on Thursday at 6:00 p.m. our time. Premarket this morning, corn prices continued to decline at the start of the week.

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