Global corn supply strained

Corn rose for the second trading day in a row yesterday. On Euronext/Matif in Paris, prices rose by 1 euro to 182.00 euros/t for the front month of March 24. The follow-up contracts also had green signs and were therefore able to decouple themselves to some extent from the requirements of the wheat sector. Activity on the cash market remains manageable. Compared to the prices in Paris, grain corn from Germany is currently valued at 220 euros/t in southern Oldenburg. Offers from Eastern Europe are at 217 euros/t and are therefore only slightly lower. Because of the prices and the differences to wheat, few goods are currently changing hands. The corn harvest continues to make good progress in Brazil. At the end of the previous week, according to AgRural, 27 percent of the areas had been retracted, a weekly increase of 16 percentage points. Corn contracts on the CBoT were trading at losses. The traders are positioning themselves in the run-up to WASDE tomorrow, Thursday. In particular, a significant cut in production is expected in Brazil. Nevertheless, global corn supplies remain exceptionally good, which is likely to continue to put pressure on prices. Even today, there are red signs for corn in pre-market trading on the eCBoT.

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