USDA raises global corn forecast

The losses for corn on Euronext/Matif were more moderate compared to wheat and corn prices on the CBoT. The most traded March date closed at 191 euros/t, 0.50 euros weaker than on Thursday. The focus of traders on both sides of the Atlantic was the US Department of Agriculture's WASDE. The USDA experts significantly increased global production expectations for the 2023/24 season. At 1.235 billion tons, the corn harvest is expected to be 13.6 million tons higher than in December. This also leads to significantly increasing final stocks, which are now expected at 325.22 million tons. In the previous year, the final stocks were still at 300 million tons. The increase in production expectations is primarily due to the US harvest. Here the harvest expectation was increased by around 3 million tons. But USDA analysts also expect a significantly better harvest in China. As expected, the production forecast for Brazil was reduced by 2 million tons and is now expected at 127 million tons. For Argentina, the USDA did not adjust the estimate and continues to expect 55 million tons. The grain exchange in Rosario, Argentina also published an estimate for the corn harvest on Friday. This sees a production of 52 million.Metric tons. There is no trend pre-market today. Because of Martin Luther King Day, the CBoT will be closed today.

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