Record corn harvest expected in Russia

Like wheat, corn was under pressure on the first two trading days of the new week and fell accordingly. Yesterday, the most traded March date closed with a loss of 1.50 euros/t at 204.50 euros/t. Not only did the weak specifications for wheat put a strain on corn prices, but the news that Russia was expecting a record harvest also put pressure on prices on Euronext/Matif. The agricultural logistics company Rusagrotrans expects harvest volumes of 17.6 million tons to be 1.6 million tons higher than the previous forecast. Europe's corn imports last week amounted to 143,154 tonnes, with a total of 5.633 million tonnes imported in the first 18 weeks of the current marketing year. That is 3.95 million tons less than at the same time last year. Spain remains the largest importer with almost 2.4 million tonnes, followed by the Netherlands with 719,084 tonnes. After losses on Monday, corn contracts on the CBoT were able to exit trading yesterday with slight green signs. According to the latest figures from the US Department of Agriculture, the US corn harvest is 71 percent complete and remains around 4 percentage points above the harvest progress of the last five years. However, at this point last year, 74 percent had already been completed.There is no clear direction to be seen on the CBoT this morning before the trading session; the contracts are currently trading at a marginal plus.

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