In the slipstream of the weak indicators for wheat, corn also went south on the Euronext/Matif. The June 2023 front date lost EUR 3.50 to EUR 262/t. In the WASDE report released last night, the US Department of Agriculture lowered its forecast for global corn production this season by 4 million tons. As expected by the market, the USDA made significant cuts, particularly for Argentina, and reduced the previous harvest forecast by 7 million tons to 40.0 million tons. Nevertheless, things also went south at the CBoT for corn. Because US exports were also reduced compared to February due to the recent sluggish demand for US corn and the end of stocks increased. The US ethanol production figures, on the other hand, are stable. As the energy authority also announced yesterday, the current production is at an average of one million barrels per day and is thus roughly at the level of the previous week. At the same time, inventories fell by around 2 percent, which slightly slowed down the fall in prices. Pre-market prices on the eCBoT today have a slight green sign.
Source
VR AGRICULTURAL
