Lowest US corn export bookings recorded this season

Corn prices in Paris ended trading yesterday with marginal losses, but overall moved sideways during trading. At the closing bell, the Matif display board showed a price of 192 euros/t for the most traded June contract. The news situation in Europe itself is currently manageable. Turnover on the spot markets remains low, and prices at the wholesale level were largely stable over the course of the week. At the CBoT, market participants were particularly focused on the WASDE report. The USDA reduced its forecast for global production for the current season. However, as expectations for corn consumption were also reduced, this estimate could not provide any price support. The USDA did not cut prices for Brazil as expected, but did so for Argentina, South Africa and Mexico. The export sales figures, also published yesterday, were disappointing. With 325,000 tons booked, they marked the lowest value of the current season. In pre-market electronic trading this morning, losses for corn contracts in Chicago are again evident.

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