Yesterday, the contracts on the Euronext/Matif could not follow the very positive indications for US corn. The March date lost EUR 0.50 with low turnover figures and closed the second trading day of the week with a settlement of EUR 278.50. The price gap to wheat has recently narrowed again somewhat. EU imports remain at a high level. A total of 294,317 tonnes of maize were imported into the EU-27 in the last week. The import counter stands at 15.66 million tons up to January 15, 7.35 million tons higher than at the same time last year. Especially because of the small European harvest last autumn, many market participants assume that EU imports will continue to increase. On the CBoT, the smaller US harvest and very good export shipments created a buying mood and caused prices to rise accordingly. In the last week, 93 percent more corn was landed for export than in the previous week. In addition, a single sale of 150,000 tons of corn to Colombia was reported. Rainfall forecasts for Argentina and parts of Brazil remain absent, adding further damage to Argentinian corn in particular.
Source
VR AGRICULTURAL
