Corn Markets Steady – Supported by Soybeans and a Weaker US Dollar
Corn prices at the CBoT closed higher on Tuesday, while the Euronext market saw slight losses. The active contract for March at CBoT gained 2.25 ct to 496.75 ct/bu (186.14 EUR/t), narrowly missing last Wednesday’s eight-month high. Meanwhile, on Euronext, the active contract for March fell by 0.25 EUR to 217.75 EUR/t.
Market Factors:
- Support from Soybeans and Currency Movements
- The corn market in the US was boosted by strong soybean prices.
- A weaker US dollar also provided support, making US exports more competitive.
- On Euronext, the price increase was limited by a stronger Euro.
- Easing Trade War Concerns
- Fears of escalating trade conflicts are easing.
- The US, Canada, and Mexico have reached preliminary agreements.
- US President Trump is planning discussions with China’s President Xi Jinping, increasing optimism for a trade resolution.
- Weather Conditions in Argentina
- Rainfall has improved conditions for corn crops, reducing concerns over yield losses due to heat and drought.
CBoT Corn – Latest Prices (As of February 5, 2025, 10:20 AM)
| Contract | Previous | Open | High | Low | Last | Change | EUR/t |
|---|---|---|---|---|---|---|---|
| Mar 25 (Active Contract) | 494.50 ct/bu | 494.00 ct/bu | 498.00 ct/bu | 493.50 ct/bu | 497.50 ct/bu | +3.00 ct (+0.61%) | 186.14 EUR/t |
| May 25 | 504.75 ct/bu | 504.25 ct/bu | 508.25 ct/bu | 504.00 ct/bu | 508.25 ct/bu | +3.50 ct (+0.69%) | 190.12 EUR/t |
| Jul 25 | 506.75 ct/bu | 506.00 ct/bu | 510.00 ct/bu | 505.75 ct/bu | 509.75 ct/bu | +3.00 ct (+0.59%) | 190.90 EUR/t |
| Sep 25 | 469.75 ct/bu | 469.00 ct/bu | 471.50 ct/bu | 468.75 ct/bu | 471.50 ct/bu | +1.75 ct (+0.37%) | 176.49 EUR/t |
| Dec 25 | 468.00 ct/bu | 467.25 ct/bu | 469.00 ct/bu | 467.00 ct/bu | 469.00 ct/bu | +1.00 ct (+0.21%) | 175.88 EUR/t |
(EUR conversion based on the exchange rate of 1 USD = 0.92 EUR)
Conclusion & Outlook
Corn prices remain steady in a volatile market. While soybean and currency movements provide short-term support, improving weather conditions in Argentina could exert downward pressure. The coming weeks will determine whether corn prices continue their upward trend or face new market fluctuations.
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