Corn: production cut expected for Brazil

At midday yesterday, the corn contracts on Euronext/Matif were still trending in the green direction, but were unable to maintain the positive trend in the rest of the trading session. At the closing bell there was a price of 181 euros/t and thus a loss of 0.50 euros on the display board of the Paris stock exchange. Feed grain corn is currently valued at 202 euros/t in South Oldenburg, which is higher than the current stock market listing suggests. However, trade remains manageable. Latent price pressure on the cash market arises again and again due to cheaper offers from Eastern Europe. Prices on the CBoT yesterday were inconsistent and only moved marginally in one direction or the other. At 624,295 tonnes, export shipments last week were a third lower than in the previous week and are putting a strain on trade. On the other hand, the market is supported by expectations for the WASDE report on Thursday. Ending stocks from the previous season are expected to be lower and an average production cut of 2.7 million tonnes is expected for Brazil. This more than offsets the expected increase of around 600,000 tonnes for Argentina. There were slight gains this morning before the trading session.

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