Maize was unable to continue its upward trend on yesterday's trading day and closed the penultimate trading day of this week with a loss of 1.25 euros per tonne in the March contract. However, with a closing price of EUR 287.75, the March date is still higher than at the beginning of this week. In the last four trading days, the front month on the Euronext/Matif increased by EUR 9.75 per ton. The picture is different at the CBoT. It was not only yesterday that the contracts there went south. The front month of March also lost 6.75 US cents/bu on a weekly basis. With a closing price of 670.75 $ cents/bu, the contract is quoted at the equivalent of 245.82 euros/t. While the USDA in the WASDE on Wednesday revised the crop forecast for Argentina downwards to 42.5 million tons, the Buenos Aires Grains Exchange left its forecast unchanged at 44.5 million tons from the previous week. Lower corn export sales also caused disappointment at the CBoT. As of February 2, 1.160 million tons of corn had been booked for export. That is around 20 percent less than the average of the last few weeks. With the start of pre-market trading this Friday, the signs light up slightly green.
Source
VR AGRICULTURAL
