Market expects production cuts for South American corn harvest

Both the Paris stock exchange and the cash markets in Germany showed rising trends for corn yesterday. In Paris, the front month of June rose by 1.75 euros and closed yesterday's trading day at a price of 192.25 euros/t. The reports of attacks by the Russian military on the important export port in Chernomorsk and on infrastructure around the port city of Odessa gave both corn and wheat a boost. Most recently, more intensive fighting in Ukraine last weekend had already caused grain prices to rise and increased concerns about Ukraine's ability to deliver. At the CBoT, traders are expecting a slight forecast cut for the Brazilian corn harvest. The contracts closed yesterday with green signs. Today at 6 p.m. CET, the US Department of Agriculture will publish its April WASDE. New export figures are also expected today. Ethanol production is down week-on-week, but stocks are also currently reported to be lower. Pre-market signs this morning are slightly green.

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