In Argentina, corn prices experienced a YoY decrease of 31.23% in early Mar-24, with a 5% MoM decline. This decline is attributed to abundant corn supply in the market following recent rains, driving prices below the equilibrium point and leading to expectations of improved yields. Internationally, the corn market sentiment turned bearish after the USDA report revealed a surprising increase in supply from the US and Argentina, with a less significant decrease in Brazilian production than anticipated, contributing to further price declines.
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