The corn prices showed a red sign on the Euronext/Matif yesterday. The new front month of June closed 1.50 euros lower at 265.50 euros/t. By March 7 (week 36 of the current marketing year), EU importers had imported 18.56 million tons of corn. Compared to the same period of the previous year, this corresponds to an import increase of 6.95 million tons. In the past week alone, 474,910 tons were imported. Spain in particular shows a high need for imports and leads the import statistics by a clear margin. Only 336,021 tons have been imported to Germany so far. The CBoT also went south. Converted, the May contract closed at a price of 235.20 euros/t. While there was a lack of new fundamental news, declining soybean prices and yesterday's clearly negative crude oil prices pulled corn down with them. Market participants are eagerly awaiting the March WASDE of the USDA today. Pre-market dates on the CBoT tend to differ between the old and new harvest. The contracts up to and including July 2023 are listed with slight premiums, while the dates from September 23 are traded pre-market with a red sign.
Source
VR AGRICULTURAL
