CBoT corn was up sharply yesterday, particularly after the US Department of Agriculture (USDA) released its January WASDE. The ministry reduced the prospects for Argentina in particular by 5.5 percent to 52 million tons due to the drought there. Argentina's grain exchange in Rosaria is even more pessimistic, also estimating the corn harvest there at 45 million tons yesterday. US production was also revised down, mainly due to weaker yields per acre due to the intense heat in the Corn Belt summer months. In addition to the USDA, the International Grains Council (IGC) also published its forecasts for global production and consumption figures yesterday. The experts at the IGC reduced global corn production by 5 million tons to 1.161 billion tons. Again, similar reasons as the USDA are at play for the downside corrections. Prices on the Matif, unlike prices on the CBoT yesterday, hardly benefited from this news. The March date increased marginally by EUR 0.25 to EUR 284.00 per ton. The August date and the other dates of the next harvest even lost.
Source
VR AGRICULTURAL
