StoneX reduces corn forecast for Brazil

Corn prices on Euronext/Matif were mixed in the first trading session of the new year. The front month of March lost 0.75 euros/t and closed at 197.50 euros/t. The follow-up contracts, however, were able to increase. Business on the cash market remains quiet at the beginning of the year. At the wholesale level, a price that was one euro higher was recorded in Süddoldenburg. Feed corn free of charge in South Oldenburg for delivery in March is now quoted here at 210 euros/t. At the CBoT, corn trended more significantly southward. Last week's export shipments were more than 50 percent lower and, with the negative targets for wheat and soy, caused a red sign. The reduced forecast for Brazil from the consulting firm StoneX did not change this. The analysts here are now assuming production in the current season of 124.6 million tons. Previously, StoneX had expected 126 million tons. The USDA had issued a production forecast of 129 million tons in the WASDE at the beginning of December. Before the trading session, the contracts on the CBoT showed slight green signs this morning.

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