Unchanged prices for Matif corn

Corn did not find a clear direction yesterday and went out of trading unchanged across almost all tradable delivery times. In the front month of March the price is still at 199.75 euros/t on the display board. The date was traded yesterday in a relatively narrow trading range between 199.25 and 200.50 euros/t. On the one hand, quiet spot business coupled with farmers' continued high expected inventories are putting pressure on prices. On the other hand, there were friendly price developments from overseas yesterday. On the CBoT, the leading March date closed with a gain of 2.75 US cents at 472.50 US cents/bu, which corresponds to a converted price of 168.94 euros/t. The US dollar has weakened further, increasing the competitiveness of American exporters. Exports have repeatedly shown themselves to be friendly. In the week ending November 14th, the 1 million tonne mark for corn sales was reached for the seventh time in a row. Export sales amounting to 1.013 million tons were reported. Looking at the marketing year to date, US exporters were able to place a total of 28.2 million tons of corn on the world market, which corresponds to an increase of 37 percent compared to the previous year.Traders on the CBoT are concerned about the closure of two railway crossings to Mexico. Due to the high volume of migration at these crossings, they were closed, which in turn could put a damper on the still good export shipments to Mexico.

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