High ending stocks of US corn are a burden

Corn was unable to find positive territory at the weekend either. The front month of March closed at 172.75 euros per tonne, 2.25 euros/t lower than on Thursday. The following June date closed with a daily loss of 2 euros at 171.75 euros/t. The onerous requirements from the wheat market are weighing on the mood for corn. In addition, the USDA expects a smaller acreage for the coming corn sowing, but due to the very large harvest this season, US inventories are likely to rise to a volume that has not been seen in this size in 40 years. The harvest in Brazil continues to make progress. The consulting firm Safras and Mercado cut its forecast for the local harvest by 3 million tons on Friday and now expects 125.86 million tons. The reason for the reduction is an expected decrease in area for the second maize sowing due to the current drought in the country. At the CBoT, corn also went south on Friday. There will be no trading on the CBoT today due to a public holiday (President's Day).

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