European corn forecast increased

Like wheat, the signs for corn were red on Friday. The March date on Euronext/Matif closed 0.50 euros lower at 201.25 euros/t. Nevertheless, on a weekly basis, an increase of 1.25 euros/t remains in the books for the front month. What was particularly influential on Friday were the specifications from the WASDE report from the US Department of Agriculture. Global corn production was increased again and, according to the USDA figures, final stocks are also likely to be higher at the end of the marketing year than at the beginning of the season. There were higher harvest forecasts especially for Russia (17 million tons instead of 16 million tons) and for Ukraine, where 30.5 million tons are now expected instead of the previous 29.5 million tons. No adjustments were made for the USA itself or for Brazil and Argentina. The European corn harvest is also seen as higher and is estimated at 60.1 million tonnes, compared to 59.8 million tonnes on the balance sheet so far. The EU Commission also recently increased its forecast at the end of November and expected 60.18 million tons of corn. The CBoT also went south as a result of the production forecast. The contracts fell slightly. A reported export sale of over 165.000 tons of corn to a buyer of unknown origin was unable to push prices into the profit zone. There is still no consistent trend in CBoT trading before the trading session. However, the majority of contracts are increasing slightly.

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