Like wheat, corn on Euronext/Matif was able to break the day-long downward trend yesterday. The March date increased by EUR 2 per tonne, the most traded June contract rose by EUR 1.75 to EUR 280.75 per tonne. On the spot markets in Germany, corn prices have recently continued to be weaker. In southern Germany and the southwest in particular, the price quotations are falling significantly, with prices being quoted between 285-287 euros/t. Frank Südoldenburg was last quoted at 300 euros/t. High EU imports are cited by buyers as the cause of price pressure. The weather forecast for Brazil and Argentina improved yesterday. Rainfall is expected, which led to slight selling pressure, especially on the CBoT. The grain association Anec (Brazil) expects a volume of 5.2 million tons for Brazilian exports in January, which is 200,000 more than previously estimated. The front month of March in Chicago lost 4 US cents yesterday to 681.25 US cents/bu (equivalent to EUR 248.47/t) due to profit-taking. Pre-market today shows further losses in the scope of yesterday.
Source
VR AGRICULTURAL
