The corn contracts closed in red yesterday as well. The shortly leading June date closed 3 euros lower at 271.50 euros/t. With quiet sales, the spot market prices in Germany have recently been weaker. A different picture emerged at the CBoT. Here the opinion prevailed that the market had been oversold due to the setbacks of the past few days. Argentina's exports have fallen significantly due to the drought. Exporters' earnings in February fell by around 30 percent compared to January. Compared to February 2022, almost 3/4 less were redeemed. The grain exchange in Buenos Aires had recently expected a corn harvest of 41 million tons, the short-term weather forecasts do not indicate any improvement in the growing conditions. US ethanol production was down slightly from the previous week, averaging 1.003 million barrels/day. Because of the drought in Argentina, American exporters are hoping to be able to deliver more quantities to India. India's maize imports have come primarily from Argentina in recent years. Inventories are correspondingly declining.Pre-market today, the eCBoT is once again showing green signs for corn.
Source
VR AGRICULTURAL
