Corn exports disappoint

Once again there was no consistent picture at Euronext/Matif on Friday. While the front month of March lost 1.25 euros/t and ended the last trading day of last week at 196.00 euros/t, the August date was unchanged and the November date even increased slightly. The prices are being weighed down by, among other things, the requirements from the wheat market, but the observation that the Russian attacks on the Ukrainian ports around New Year have little impact on handling capacity is also putting pressure on price expectations. The signs in Chicago were also red. Weekly export sales released by the USDA on Friday were well below analysts' expectations. A seasonal low was reached with 367,500 tons of corn sold. The trade organization Anec from Brazil expects corn exports of 3.3 million tons this month, around 1.6 million tons less than in January 2023. Anec justifies this with increased domestic consumption. The weather outlook for South America remains positive.

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