Corn prices continue to decline

Corn closed yesterday in the front month of March with a loss of 0.75 euros/t at 175.00 euros/t. However, the subsequent contracts were under greater pressure to sell. The most traded June contract lost 2.00 euros per ton and was trading at 173.75 euros, below the level of the leading March contract. The supply situation in Europe appears to be comfortable overall, which is why the compound feed industry in particular is purchasing on sight. In addition, the clearly negative specifications in the wheat market are weighing on the situation and there are also signs of extensive production for the coming harvest, at least in the USA. In an initial estimate, the US Department of Agriculture assumes that the area under corn cultivation will be four percent smaller, but at the same time production is still expected to exceed the 380 million tons mark. This season's harvest is estimated at 389.69 million tonnes. Accordingly, corn contracts on the CBoT went south yesterday. There is a slight attempt at recovery in pre-market trading.

VR Agriculture
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