After mixed trends on Tuesday, corn contracts on Euronext/Matif found a common direction again yesterday. The front month of March closed 3.25 euros lower at 284.25 euros/t. The March contract in Paris has lost EUR 16.25 per ton since the beginning of the month. France's agricultural statistics agency corrected the figures for the corn harvest there again yesterday. Grain corn production should therefore be 10.58 million tons, which is another 160,000 tons lower than in the forecast for the previous month. Fodder maize was also reduced by 350,000 tons to 13.38 million tons of dry matter. France had suffered significantly from the heat and drought in the summer. The CBoT also went south yesterday. With a closing price of 650.50 US cents/bu, the front month in Chicago closed at the equivalent of 239.70 euros/t. Corn stocks in Argentina continue to be plagued by the drought, the rains over the weekend brought only minor relief. The US Department of Energy said yesterday that ethanol production was down from the previous week. However, production is still at a comparatively high level, and inventories have increased again.
Source
VR AGRICULTURAL
