Weather conditions in Argentina are deteriorating: only 46% of corn crops are in good condition, which is a significant drop from 82% at the beginning of the month. Although meteorologists are predicting rain, risks to the harvest are already partially reflected in exchange quotations. This was reported by SPIKE BROKERS.
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On the Chicago Mercantile Exchange, the March contract is holding in the range of 429-433 cents per bushel, with local attempts to break through higher, but without a clear macro signal.
The market has started to react to weather forecasts, however, the final picture of the harvest in Argentina could add a price impulse to Ukrainian corn in the near future.
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