Corn on Euronext/Matif remains in a downward trend and cannot benefit from the positive signals from overseas. At the end of the trading day on Friday, the front month of June shows a daily loss of EUR 2.25 and a closing price of EUR 258.00 on the stock exchange display board. Good market supply in Europe, weak wheat targets and an optimistic mood regarding the extension of the grain agreement for Ukraine determine the course direction. Today in Geneva, representatives of the UN and Russia are negotiating the future of the agreement. The current agreement is scheduled to run until March 18th. According to Ukrainian information, around 23 million tons of grain, most of it corn, have been shipped across the Black Sea since the safe trade route began. In Argentina, the grain exchange in Buenos Aires cut its forecast for the local harvest by 3.5 million tons on Friday. The experts at the Buenos Aires Grain Exchange (BAGE) expect a corn crop of 37.5 million tons. On Thursday, the Rosario bourse had issued an estimate of 35 million tons and the USDA on Wednesday in its March WASDE 40 million tons of corn crop. CBoT went north for corn.After repeated setbacks in corn prices, bargain hunters increasingly used the opportunity at the weekend and caused a countermovement.
Source
VR AGRICULTURAL
