The reduction in exports lowers the price of corn in the United States

the Increase in the supply of maize in South America and the logistical problems due to high water levels in rivers slow down the export of corn from the US that puts pressure on quotations.

After skyrocketing corn prices in Chicago last week, yesterday fixing a traders profits led to a speculative reduction of prices.

the July corn futures fell 1.3% to 178 $/t in December – to 178,6 $/t

More pressure on prices increase in forecast corn production in Brazil to 101 million tonnes and fears that due to the logistical problems of traders for the execution of contracts will be forced to replace U.S. corn and Brazilian. In addition, some processors in the United States cheaper to buy Brazilian corn to carry us.

As of June 6, export sales of corn in the current season amounted to 48.4 million tonnes, while USDA predicted their level of 58.4 million tons and actual exports of 40.8 million tons This means that before the end of the season, the country needs to ship 7 million tons of corn and nearly 700 thousand tons a week whereas last week it was exported only 654 thousand tons.

High water in the Mississippi prevents the transport of grain by barge from river elevators to export terminals, through which traders can replace U.S. corn and Brazilian, if the contract does not specify the country of origin. As a result, exports of U.S. corn may be reduced by 1-1. 2 million t

Supports the active demand from manolovo industry, where processing volumes grow. Currently, ethanol production in the US remains at the level of 1.08 million barrels/day, equivalent to the consumption of 2.8 million MT of corn for a week or 138.4 million tonnes per year.

corn Prices in the US $200/MT FOB US Gulf (East coast) and 210 $/MT FOB US PNW (West coast).

In Brazil, corn prices fell to 185,5 $/MT FOB Brazil amid growing suggestions.

In Ukraine, the price of corn of the old crop remain at the level of 168-170 $/t CPT, or 176-180 $/MT FOB, while for delivery in the port in October offer 172-174 $/t

South Africa might increase its imports of maize through dry weather, although last season she was an active exporter and compete with Asian countries.