Buy Turkey 342 thousand MT of corn support prices for black sea grain

last week Turkey has purchased 342 thousand tons of corn at a price 195-198,75 $/t CFR depending on the conditions of supply. Supplier for nearly 95% of the contracted volumes will be Glencore.

In the first place will put the black sea corn, however, is not yet known Ukrainian or Russian origin.

Prices on Ukrainian corn has risen to $180/MT FOB, almost the same price of Russian corn, which is offered at 180-185 USD/MT FOB.

In domestic ports the purchase price of corn rose to 163-164 $/t or 5400-5450 UAH/t due to the active demand and reducing supply-side manufacturers that only this week will return to active work after long holidays. Turkish tender the near future will further strengthen the prices on Ukrainian corn.

Chicago corn futures remain at the level of 150 $/t China Talks give only promises to increase imports, but the data on actual procurement do not exist. Government crisis in USA, which lasts for 30 days, adversely affects the economy, so traders be very careful conducting commercial transactions.

Today, USA weekend, dedicated to the memory of Martin Luther king, so traders will be watching the reaction of the European stock exchanges on the results of the tender in Turkey.

In Paris March corn futures on Friday rose 0.5 €/t to 181 €/t or 205,71 $/t while may – to 184 €/t

In South America continues to actively sowing corn. According to the exchange BAGE, through prolonged precipitation in Argentina planted 86.1% of the maize vs 91,2% on average over the past years. In good or excellent condition are 55% of crops, which is much higher than the previous season.

In Brazil due to the early harvesting of soybeans now corn planted on average 1 % of areas in the Central and southern regions of 5.6%, which is 4.8% more than last year. The precipitation deficit may affect the quality of the maize crop in the current season.