StoneX reduces corn forecast for Brazil

There was no consistent picture in corn trading on Euronext/Matif yesterday. While the March and June dates fell slightly, the August date rose marginally and the November contract went out of trading unchanged. In the front month, a price of 202.25 euros/t was on the display board at the closing bell. Europe's corn imports are open until December 3rd. reached 7.36 million tonnes in the current marketing year and are therefore significantly below the imported quantities of the previous year, where 12.8 million tonnes had already been imported at this point. Spain takes in almost half of the imports. Corn contracts on the CBoT closed more firmly yesterday. The March date increased by 5 US cents to 490.50 US cents/bu and therefore costs the equivalent of 178.25 euros/t. The main reasons given for the increase are positioning in the run-up to WASDE next Friday. Analysts expect changed initial stocks and a reduction in the forecast for South America. Cuts of around 300,000 tons are calculated for Argentina, and the corn harvest for Brazil was even revised downwards by 1.8 million tons.The analysis house StoneX announced a new Brazil forecast yesterday and reduced expectations for the corn harvest from the previous 125.73 million tons to 123.78 million tons. There is still no clear trend in electronic trading this morning before the trading session.

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