The decline in corn prices on Euronext/Matif continued yesterday, but was less than the losses that wheat recently made. From the beginning of the month to yesterday, the June contract has lost EUR 14.25 per tonne. This contract closed yesterday with a daily loss of EUR 1.75 at EUR 260.25/t. Corn on the CBoT was down double digits yesterday. The negative indications from wheat and soy on the one hand, but also weaker tendencies on the financial and crude oil markets caused the downward trend. Weekly export bookings only limited losses as 1.41 million tons of US corn were booked in the week ended March 2nd. That's the highest weekly reading in five weeks, according to statistics from the US Department of Agriculture. The drought situation in Argentina also hardly played a role in trading yesterday. The USDA revised the prospects for production there significantly downwards on Wednesday. The grain exchanges in Buenos Aires and Rosario have recently been much more skeptical about their own corn production. Harvest work in Argentina usually starts in April. Pre-market futures prices on the eCBoT hardly move this morning.
Source
VR AGRICULTURAL
