Corn increased again yesterday. The most traded June contract rose by 2.75 euros/t to 174.25 euros/t. The front month of March will soon leave the trading floor and closed with a plus of 0.75 euros/t at 174 euros/t. On the cash markets, prices are stable with quiet sales volumes. The International Grain Council this week increased its forecast for the global corn harvest for the current season and now expects 1.234 billion tons of corn (+4 million tons compared to the January forecast). Demand is also estimated to be slightly higher, but final stocks will still increase by 1 million tons to 286 million tons. Compared to the previous year, the corn harvest is around 71 million tonnes higher. On the CBoT, corn futures began to move backwards. Corn in the front month fell by 5 US cents/bu to 406.00 US cents/bu and thus to a converted ton price of 147.71 euros. Higher ethanol production figures and falling ethanol stocks could not move prices into the green zone. Today the USDA will release weekly export sales. It is expected that a quantity of between 700,000 tonnes and 1.5 million tonnes will be achieved. There are slightly green signs in Chicago this morning before the trading session.
Source
VR AGRICULTURE
