The downtrend in corn contracts continued on Friday. On a weekly basis, the front date on the Euronext/Matif went south by EUR 6.50 per tonne. On Friday, the March contract lost EUR 3.00 per ton and closed the trading week at EUR 294/t. The Ukrainian Ministry of Agriculture announced on Friday that the country has been able to export 25.8 million tons of grain, including 9.7 million tons of corn, so far this season. Due to the restrictions imposed by the war, grain exports are 29.6 percent below the previous year's result. Corn contracts on the CBoT also went south on Friday. The most traded March date lost 15 US cents/bu and closed at the equivalent of 241.41 euros/t. On the US stock exchange, traders are primarily concerned with weak export demand. In particular, activities from China are weakening. But other sales markets also show that the USA is currently having difficulty placing its corn on the world market.
Source
VR AGRICULTURAL
