On the Matif, corn contracts followed their previous trend and fell on Friday. The front month of March closed at EUR 280 per tonne, EUR 4 lower. The cut global production outlook by the International Grains Council and the USDA last week does not support the market trend. Both institutions had reduced global corn production. On the CBoT, on the other hand, prices rose due to weaker corn production. In addition, many traders in Chicago are taking the opportunity to take profits and start new short positions ahead of the long weekend. Today there is no trading on the CBoT. The stock exchange will be closed today due to a public holiday. Support was provided when the Chinese government approved the import of some genetically modified crops on Friday. Including a genetically modified variety of corn, which should also fuel US exports.
Source
VR AGRICULTURAL
