While the front month in Paris was still in the black, the following contracts went into the red. Likewise, the corn futures on the CBoT could not escape the downward pull and recorded losses. In its March WASDE yesterday, the USDA cut its production forecast for Argentina to 53 million tons (-1 million tons). Global ending stocks were reduced to 301 million tons. This corresponds to a decrease of 1 million tons compared to the previous forecast. At the same time, the export prospects for the USA were revised upwards to 63.5 million tons (+1.9 million tons).
