Like wheat prices, corn contracts shifted from reverse to forward. The front month of March gained 3.50 euros/t, but the June contract is the most traded, which also increased yesterday, but less clearly. The corn prices are therefore still above those of wheat. On a weekly basis, the bottom line is that corn prices are also firmer. However, prices on the cash markets in Germany have recently fallen. Also because of the lower number of animals in Europe, the overall demand is lower. Good imports also continue to ensure adequate market supply. Corn on the CBoT was down double digits yesterday. The May contract lost 15 US cents/bu and closed lower at 659.25 US cents/bu. Converted, this means a price of 244.80 euros per tonne on the CBoT for the May date on the display board. According to estimates by the US Department of Agriculture, the area under cultivation in the USA is likely to be a good 2.4 million acres (about 0.97 million hectares) larger than in the previous year. Due to the holiday on Monday, the USDA will publish the weekly export bookings today with a day delay. Analysts expect a quantity between 0.5 and 1.3 million tons.
Source
VR AGRICULTURAL
