Corn prices in Paris turned green yesterday after days of losses. The most traded June date closed 4.50 euros higher at 262.50 euros/t. On the spot markets, prices have also recently fallen significantly. Franko Südoldenburg (wholesale price) was quoted yesterday as 269 euros/t for prompt deliveries. On the other hand, corn prices on the CBoT could not maintain their gains from Friday and fell slightly. Prices here were weighed down primarily by falling crude oil prices. Turbulence on the US financial markets due to the insolvency of the Silicon Valley Bank also had a negative impact on the grain markets. As was announced tonight, the grain agreement will be extended by 60 days. This could cause corresponding price pressure on the Matif and the CBoT today. Pre-market slightly negative tendencies are evident in Chicago. However, since the market as a whole has already expected an extension, the price pressure due to the agreement alone should be limited. In Brazil, the sowing of the second corn harvest is progressing much better, but the pace is still a little behind the progress made in the previous year.Currently, 82 percent of the targeted maize areas have been cultivated, compared to 94 percent of the targeted areas at the same time last year.
Source
VR AGRAR
