Russia could have a record corn harvest

As a result of the friendly guidelines for wheat and CBoT corn, corn prices on Euronext/Matif rose on Friday. The front month of March regained the 200 euro/t mark with an increase of 0.75 euros/t. The subsequent contracts increased to a similar extent. Although exports from Ukraine and Russia are restricted due to the current weather situation on the Black Sea, the consulting firm Sovecon is reporting a possible record corn harvest in Russia, which is slowing price developments. Production could therefore be 17 to 17.6 million tonnes due to the good weather conditions in summer and autumn. Compared to the previous year, this would correspond to an increase of around 2 million tonnes, and with this production Russia would overtake Canada in the list of producing countries for the first time. At the CBoT, corn also went north. The price development here is primarily supported by the backward maize sowing in Argentina. According to estimates by the grain exchange in Buenos Aires, around a third have been ordered. Heavy rainfall has caused maize sowing to fall behind, especially in the last week.

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