Corn on Euronext/Matif lost on Friday. For the most traded March date, it went south by 0.75 euros to 283.75 euros. Over the past week as a whole, prices have fallen by EUR 3 per tonne. Also thanks to the high imports, the supply situation covers the demand despite the low European harvest. Corn prices continue to receive fundamental support from Argentina. The drought is still present here and recently caused the USDA to correct its harvest forecast significantly downwards. Precipitation has been announced, but a maximum of one third of the stocks should benefit from it. Grain exchanges in the country also reduced their harvest expectations from week to week. On the CBoT, corn contracts lost slightly. Here too, as with wheat, economic worries are an issue in retail. Talks between Mexico and the US continue. Optimistic statements come from the Mexican foreign minister, who announced an agreement between the two countries for January. Mexico is one of the largest buyers of US corn, the country last bought around 17 million tons in the USA. Mexico plans to ban imports of genetically modified corn by 2024.
Source
VR AGRICULTURAL
