Mexico buys 289,575 tons of US corn

Corn prices on Euronext/Matif were consistently red yesterday. The new front month of March 2024 closed one euro lower at 206.50 euros/t. The corn contracts primarily followed the weak guidance in the wheat market. The fact that in some regions the grain maize harvest is still sluggish at the target level could not provide any support. At the start of the week, spot market quotations were unchanged to slightly falling. At the wholesale level, an average of 2 euros/t went south. For the WASDE, which will be published next Thursday at 6:00 p.m. CET, the analysts are expecting an increase in US production volumes, and for South America it is expected that the ministry will set the red pencil. On the CBoT, the most traded December date closed yesterday unchanged, with subsequent contracts showing marginal losses. Although weekly export shipments were slightly lower than in the previous week, they were still in line with market participants' expectations. In total, US exporters have around 1 million in the current season. Tons more exported than in the same period last season. The news that Mexico had purchased 289,575 tons of corn from the USA did not move prices.Premarket contracts are trending weaker today.

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