South Korea books corn in the USA

Corn on Euronext/Matif also showed red signs yesterday. For the front month of March 24 it fell by 1.00 euros to 184.75 euros/t. The trading volume has increased again compared to the presentation. Yesterday, 3,280 contracts were traded across all contract terms; on Monday there were only 1,704 contracts. Corn prices on the cash markets are also under pressure as a result of falling futures prices. The overall good world market supply of grain is having a negative impact. According to data from the International Grain Council and the USDA, the 2023/24 corn harvest will be significantly larger than in previous years. Locally, deliveries from Eastern Europe are having a negative impact on price developments in this country. The import figures published yesterday by the EU Commission also show that the European corn harvest was better than last year. In the first 31 calendar weeks of the 2023/24 marketing year, 10.23 million tons of corn were imported into the EU-27, around 7.2 million tons less than in the previous year. On the CBoT, corn prices rose, recovering from losses on Monday. Overall, however, the good forecasts for South America continue to weigh on trade activity here. Corn received support yesterday from a fresh booking from South Korea, which purchased 198,000 tons of corn from the USA. Premarket contracts in Chicago are trending slightly weaker this morning.

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