Corn: Export figures support CBoT prices

Corn returned to the loss zone at the start of the week. The most traded June contract closed at 178.75 euros/t, 1.50 euros/t lower. The leading March date will soon say goodbye to the exchange package and closed yesterday at 177.75 euros/t. Prices are also under pressure on the cash markets, demand from the feed industry remains manageable, while producers' willingness to sell is slowly increasing. On the CBoT, however, corn gained. Although the figures from the WASDE report are still slowing down the market, friendly export loadings were able to support prices yesterday. In the week up to February 8th, 880,000 tons of corn were loaded and the export count for the season so far is 17.2 million tons, almost a third higher than at the same time last year. The Buenos Aires grain exchange rates the corn plants in Argentina as being in good to very good condition at 31 percent. This means that the quality is probably not exceptionally good; last year only 20 percent of the stocks were classified in this category due to the drought. There is no discernible trend in pre-market trading on the CBoT this morning.

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