On the last trading day of the week, the June contract on Euronext/Matif went south by EUR 2.50 per ton to EUR 261.50 per ton. On a weekly basis, however, there is a small plus of EUR 3.50 per tonne. Chinese purchases in the US continue. For the fourth day in a row, the USDA was able to announce a so-called flash sale. In total, China bought more than 2.1 million tons of corn from US exporters last week. According to China's statistical data, the country imported 5.33 million tons of corn in January and February, up 13.3 percent from the first two months of 2022. It is assumed that the Middle Kingdom also bought large quantities of corn in Brazil. Brazil's new government plans to travel to Beijing with 240 business representatives for several days. However, the good export news meant that corn prices on the CBoT on Friday closed with a green sign. This morning, however, things are going downhill again for corn. The May date is currently 1.26% (8.00 US cents/bu) in the red. The extension of the grain agreement for Ukraine should continue to put pressure on the Matif today.
Source
VR AGRICULTURAL
