Corn expectations for Brazil revised downwards

As a result of the positive development in wheat, corn prices also rose yesterday. The most traded June contract gained 3.75 euros/t and closed at 172.75 euros/t, again above the 170 euro mark. Prices on the cash markets remained unchanged yesterday, with business developing calmly. On the CBoT, corn also went north, although the gains here were somewhat lower than for the wheat contract on the American commodity futures exchange. Export shipments of 920,000 tons last week provided a tailwind and were around 30,000 tons higher than in the previous week. The updated estimate from the consulting firm Safras and Mercado also made people sit up and take notice. The analysts reduced the corn forecast for Brazil by another 3.3 million tons and are now expecting 125.9 million tons. The USDA had seen the Brazilian harvest forecast at 124 million tons at the beginning of February. The International Grain Council sees the Brazilian harvest even lower at 119.7 million tons. There was a slightly weaker development in corn futures in Chicago before the trading session.

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