Expectations for corn harvest in Brazil reduced

There was no clear direction for corn yesterday. While the leading March date ended trading with a marginal loss of EUR 0.25 and closed at EUR 208.25/t, the following June date remained unchanged. Overall, the corn market is lacking new news. The largely completed grain maize harvest no longer creates massive sales pressure. France's Agriculture Minister has increased his forecast for this year's harvest by 400,000 tons to 12.2 million tons. On the other hand, the private consulting firm Cordonnier lowered its thumbs for Brazil and reduced its forecast to 121.0 million tons by a significant 2 million tons. For Argentina, Cordonnier continues to expect a corn harvest of 52.0 million tons. Prices on the CBoT also trended weaker during trading yesterday, but at the end of the trading day there was a slight increase on the display board in Chicago. The USDA was able to announce a private export sale of 101,745 tons of corn to a buyer from Mexico, which provided a slight boost to trade. It is also reported that Iran is currently issuing a tender for the delivery of 180,000 tons of feed corn. There is no clear trend on the CBoT this morning before the trading session.

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