CBOT corn futures declined considerably last week
During March 02-09, CBOT corn prices declined considerably (-4.26%), reports UkrAgroConsult.
The recent USDA WASDE report pressured the market, as USDA experts increased the estimate of corn production in Brazil (+5 MMT to 91.5 MMT), Argentina (+1 MMT to 37.5 MMT) and Republic of South Africa (+1.6 MMT) in the 2016/17 season.
Nevertheless, according to various South American analysts, the real potential of the Argentinean corn crop is even higher than the current estimates, and they may be raised in the short term. The USDA estimate of the world's ending stocks of corn was revised upwards to 220.7 MMT (+3.12 MMT).
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