Mexico orders 126,700 tons of corn from the USA

The downward trend in corn continues. Yesterday the front month in Paris went south by another 1.75 euros/t to a closing price of 187.25 euros/t. The higher valued corn supply from the most recent WASDE continues to have a negative impact. Last week, the International Grain Council (IGC) also forecast higher global corn production compared to the previous estimate and the previous year. According to the IGC estimate, global corn production is 1.230 billion tonnes. So far, 1.223 billion tons were expected. The IGC puts last year's global harvest at 1.165 billion tonnes. On the CBoT, the corn contracts also closed in red. However, the losses were somewhat lower than on Friday, for example, or than in the wheat contracts. The announcement of an export deal with Mexico for 126,700 tons of corn had a supporting effect. However, this news could not move prices in the profit zone. This morning, corn contracts on the CBoT are also trending slightly weaker again in premarket trading.

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