Ukraine exports weigh on corn prices in Europe

Corn contracts were under selling pressure yesterday, Thursday. The front month of March closed at 191.50 euros/t, 2.25 euros weaker than on Wednesday. The prices were particularly affected by the weak specifications for wheat. But the red signs in Chicago also weighed on price expectations. In addition, Eastern European producers and market participants in particular continue to worry about overland transport from Ukraine. These continue to put a strain on neighboring countries in particular. Corn also went south on the CBoT yesterday. At 490,000 tonnes, weekly export bookings were at the lower end of expectations. For today's WASDE, the majority of market participants expect adjustments for Brazilian corn production of at least 2.5 million tons. On the other hand, there could be higher expectations for Argentina, where an average of around 1.5 million tonnes is being discussed compared to the previous estimate.

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