Rainfall expected in Brazil

The corn contracts on Euronext/Matif did not show a consistent development on Friday. The front month of March closed marginally lower than on Thursday with a setback of 0.25 euros/t, while the following month of June 2024 increased by 0.50 euros to 212.00 euros/t. Over the course of the entire week, the corn price has hardly changed and is continuing its sideways movement that has been going on for several weeks. In Brazil, where it is too dry and too hot in many growing areas, heavy rain showers are forecast for this week. Farmers and market participants will particularly look at weather developments in Brazil in December, when the corn plants are in their main vegetation phase. According to the consulting firm AgRual, 76 percent of the planned areas have currently been cultivated, which means that sowing has made better progress recently and is above the sowing progress of the previous year. Overall, the news on the corn market is manageable. Due to improved conditions in Brazil, corn moved south on the CBoT. For today's crop report, the end of the corn harvest in the USA is likely to be largely determined.Sales on the local cash markets remain manageable and prices have not changed recently.

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