Corn: Supplies expected to be up to 2.1 billion bushels

Although there were different signs for the individual maturities, the majority of corn prices on Euronext/Matif increased. The front month of March 24 closed with a daily increase of 0.75 euros/t at 197.25 euros/t. This development was largely supported by the positive developments from the wheat market. The price on the cash markets recently went slightly south, thus reflecting the general trend of the stock market development of the last few days. There was also a slight recovery overseas. In the front month there, March, it went north by 1.25 US cents to 466.50 US cents/bu (167.75 euros/t). Overall, the news situation for corn is changing. The weather forecast for Brazil is better, with heavy rainfall expected in the coming days. On the other hand, US ethanol production has fallen quickly after a peak, while inventories are growing at the same time. The latest price expectations are also slowed by the forecast for inventories. According to one estimate, these could be significantly larger in the USA than in the previous year. Pre-market contracts on the CBoT are also trending slightly firmer today.

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