The prices of corn and soybeans continued to rise amid new purchases from importers

Analysts predict that after a sharp rise in prices for corn and soybeans in the United States, importers will reduce their purchases and wait for the advancing harvest in the US, and the growth of seasonal pressure supply on prices is not justified.

China continues to buy soybeans and corn in the United States, and buyers from Asia purchased the maize at very high prices from South America.

According to the weekly report by the USDA as of October 11, due to the dry and warm weather, soybeans already harvested 61% of areas, compared with 23% a year ago and 42% on average for 5 years, and corn by 41% (20% and 32%, respectively). The weather forecast for this week also shows favorable weather for harvesting In the Midwest that will allow you to basically complete the cleaning of soybeans and cross the equator of the corn.

Report for export sales of agricultural commodities from the United States over the past week will only on Friday, and analysts predict that sales will be lower because China was on holiday last week, but with daily data on export sales China this week from USA bought 420 tons of maize and 264 thousand tons of soybeans, which became the main factor of price growth on the stock exchange.

the corn Futures yesterday rose to 2.07$ / t to 156,1$/MT for the December contracts for soybeans by 4.5$/t to 388,6$/MT for the November contracts.

Support to quotations was rendered the growth of oil prices on 2-2,5% on the background of the increase of the refining and oil imports in China and India in September.

this week the Korean feed Association (KFA) to tender purchased 69тис. tons of Brazilian corn for delivery until January 20 at the price 247,6$/t C&F, which is close to the record level of prices, and recycler Taiwan MFIG bought 65тис. tons of U.S. corn for the price of 243,75$/t C&F for delivery in March.

According to official data for the first two weeks of October, Brazil exported 2.06 million tons of corn, while the month is still scheduled to ship about 3-3, 5 million tons, which confirms that the Brazilian Corn continues to compete with American and Ukrainian, which usually begin deliveries during this period.

the Agency of agricultural statistics of the state of Mato Grosso (IMEA) Brazil announced that the export of corn from the state in the period from January to September amounted to 12.4 million tonnes, which is less than half of the 24.9 million tons exported during the same period last year, due to a sharp growth in domestic consumption.

corn Exports from Ukraine since the beginning of the season is only 820 thousand tons, 1.6 million tons less than a year ago for the delay harvesting to curb sales.

Prices for Ukrainian maize rose to the level of Brazilian corn around 212-215$/t FOB, while U.S. corn costs about 205$/t FOB.

Delay in sowing soybeans in Brazil, also has a strong pressure on the prices of soybeans, but the forecast precipitation for the next week will speed up the seeding and reduce pressure on prices in the near future.