High corn processing numbers in the US may not bring contracts into profit

Yesterday, corn prices were unable to take advantage of the somewhat firmer requirements from the wheat sector. The front month March fell by 1.75 euros/t to 180.75 euros/t and thus remains in its downward trend. On the local cash markets, wholesale prices are also falling sharply. Grain maize (feed grain) franko Südoldenburg was quoted at 196 euros/t yesterday, which is 9 euros/t lower than a week ago. Strong figures for export shipments across the Black Sea from Ukraine are weighing on the market. As the government announced, agricultural goods transport across the Black Sea in December and January returned to pre-war levels and even exceeded the peak monthly values from the grain corridor era. At the CBOT, corn also went south. However, the losses here were manageable. The front month of March lost 1 US cent to a closing price of 447.25 US cents/bu (161.95 euros/t). Last week's export sales of 1.2 million tons were significantly above the previous week's level and were 58 percent higher than the average for the last four weeks. Support also came from grain processing numbers. According to the USDA, 529 million bushels were used to produce alcohol and food in December, an increase of 11 percent compared to December 2022. Only 475 million bushels were expected. Nevertheless, the contracts were unable to close in the green and are trending slightly red again this morning before the market.

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