Corn on the Euronext/Matif lost value again on Friday. The June contract went south by 4.75 euros/t to 279.50 euros/t. Compared to the May date for wheat, corn is no longer more expensive. However, this does not yet apply to the March front appointments, which are about to expire. The grain exchange in Buenos Aires also adjusted its forecast for the Argentine corn harvest downwards last week. Compared to the previous week, the harvest forecast was reduced by 3.5 million tons to 41 million tons. In Brazil, the second corn planting is progressing better, but is still behind last year's schedule. The CBoT also went down, the dates lost overall, in the front month of March a loss of 10.25 cents/bu was recorded. Converted, the March date on the CBoT is quoted at 242.58 euros/t. A strong US dollar and disappointing weekly export bookings put pressure on prices here. For the first time in four weeks, less than a million tons were booked, but at 823,000 tons, the figure was in line with analyst estimates. On the first trading day of the new week, corn is showing green signs before the market.The global corn market is likely to be looking forward to the forthcoming negotiations to extend the grain agreement. The current conditions expire in mid-March.
Source
VR AGRICULTURAL
