The prices of corn continued to rise on the exchanges
Yesterday, corn futures for the American and European markets continued to rise on the support of data on the growth of ethanol production in the United States, as well as high demand from exporters who are unable to purchase the required volumes due to containment of sales of farmers to the background of constantly rising prices.
Data on the growth of ethanol production in the United States were a surprise for traders, who had expected a further decline in the level of production in the backdrop of the fall of the refining margins, but the increase in demand for ethanol for antiseptic blocked the fall in demand for ethanol for fuel.
ethanol Production in the U.S. rose for the week from 923 thousand barrels per day to 937 thousand barrels per day, it should be noted that the level of reserves increased by 300 thousand barrels to 20 million barrels, which confirms the drop in demand from fuel producers.
the EIA Report showed a decline in stockpiles of oil and fuel in the United States more than expected by traders for the decline of oil production in the US, some supported oil prices, which declined early in the day on the background of growth forecasts for the recovery of oil production in Libya to 600 thousand barrels per day, although they have only recently recovered to the level of 300 thousand barrels.
Quotes on oil remains under pressure of uncertainty over demand after some of the largest countries of Europe were imposed isolation measures in an attempt to stop the increasing infections Covid.
the prices of corn have not yet reacted to the projections of lower demand for fuel, and grow in the face of new purchases by importers.
Yesterday, the Korean Association for the processing of corn Kocopia to tender purchased 60 thousand tons (probably Brazilian) corn for delivery in December at a price of about of 251.8$/t C&F.
the corn Futures on the stock exchange in the United States yesterday increased again by 2.85$/MT to 158.7$/MT for the December contracts, while the prices of corn on the European stock exchange Matif rose by 4.25 There are/t to 184,75 Have a/t or 216,08$/t on the background of delayed harvesting across rainfall and the depreciation of the Euro against the dollar to 1,1696.
Today the market is awaiting data on export sales of corn from the U.S. last week, particularly in China, where corn prices continue to rise due to the delay in harvesting.
the Rise in maize prices on the markets continues to push up purchase prices for Ukrainian maize, which reached the level of 203-205$/t or 6950-7000грн/t delivery port, but even such high prices forced producers to increase supply. On the one hand precipitation is restrained cleaning, on the other hand why sell if the price increases every day 50-100 UAH/t
Rainfall in Brazil and Argentina will accelerate planting of soybean and corn new crop and will remove a little concern about the fate of the crop in South America, and the increased supply of corn from the Northern hemisphere will increase in the near future that may stop further price increases.