With the negative specifications for wheat, the corn contracts on the Paris stock exchange also fell significantly yesterday. The front month of March lost EUR 3 per tonne and closed at EUR 294 per tonne at the end of the trading day. The new forecast by the International Grains Council for global corn production did not change the price decline. The panel expects global corn production to be slightly lower than previously estimated at 1.153 billion tons. Compared to the previous estimate, the minus in production is 8 million tons. The drought in Argentina in particular is reflected in the figures. Across the Atlantic, corn contracts closed mixed. While the leading March date showed minimal losses, the follow-up contract was able to gain marginally. The published export bookings were within the upper range of analysts' expectations. In the reporting week, 1.12 million tons of corn (old and new crop) were exported. A clear trend is not yet recognizable on the eCBoT this morning, but the signs are slightly red at the moment.
Source
VR AGRICULTURAL
