In line with the mood on the wheat market, corn also went downhill on Friday. The most traded June contract lost 3.50 euros to a closing price of 171.25 euros/t. The current front month of March is hardly traded anymore and will be out of trading tomorrow, Tuesday. As with wheat, Ukraine's good export ability and low prices are weighing on price expectations. In February, Ukraine was able to ship more agricultural goods across the Black Sea, 5.2 million tons, than at any time since the beginning of the Russian attack. Added to this are the good harvest volumes and harvest expectations worldwide. The Buenos Aires Grain Exchange confirmed on Friday its previous forecast for the Argentine corn harvest of 56.5 million tons. Rainfall in the South American country recently stabilized the yield outlook. In Brazil, farmers are also making good progress with the second sowing of maize and the first harvest can be harvested at a high pace. After four days of trading on the CBoT, corn went south with gains. However, the losses from Friday will be made up again today before the trading session. The contracts are currently trending friendly. On Friday, the USDA will release a new WASDE report. Here the focus will be primarily on the estimates in South America.
Source
VR AGRICULTURE
