Corn in reverse

The recovery in corn prices did not last long. Yesterday the contracts on Euronext/Matif went significantly south. The most traded March date closed with a setback of 3 euros below the 180 euros/t mark at 179.00 euros/t. The follow-up contract in June closed at 181.75 euros/t, also with a loss of 3 euros per ton. Good overall export figures for agricultural goods from Ukraine are causing further price pressure. According to government figures, 6.3 million tonnes of agricultural products were shipped across the Black Sea in January. This means that export volumes have returned to pre-war levels. Corn contracts also lost on the CBoT. The front month of March 24 closed at 434.25 US cents/bu (158.69 euros/t.) New rain showers in Argentina are weighing on price expectations. Overall, the CBoT market participants are cautious in the run-up to WASDE. People are particularly looking forward to the harvest forecasts for Argentina and Brazil. The Brazilian agricultural authority, like the USDA, will also publish fresh production estimates today.

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