At the beginning of the new season maize prices remain low
the First results of harvesting corn, which began in Ukraine, testify to the high productivity. As of September 9 of 46 thousand ha or 1% of the area harvested of 281 thousand tons of corn with a yield of 6.14 t/ha, whereas on this date in 2018 was threshed 3% of the area, and the yield was 5.63 t/ha.
the Increase in acreage and high yields can lead to a record harvest of corn in Ukraine in the new season. However, low prices at the port level 142-145 $/t or 4150-4200 UAH/t will reduce producers ' incomes and export growth.
a New report by USDA NASS crops yesterday supported the corn futures on the stock exchange in Chicago. The amount of corn in good or excellent condition for the week decreased by 3% to 55% compared to 68% for this date last year. Traders concerned about late maturity of crops, which as of 9 September is 11% compared to 33% last year and 24% on average for 5 years. The deterioration of crops has become unexpected for the market, since dry and hot weather in the Midwest contributes to the ripening of the corn, though, and dries the plants that were sown later.
During the first week of the new season maize in the United States, which began on 1 September, exports grew compared to the previous week by 65% to 590 thousand tons, which is 24.7% below the corresponding period last year. Low rates stimulate exports, confirming sold last week in Mexico 651 thousand tons.
New balance USDA released on September 12, and now own forecasts published other research agencies. According to the average estimate, corn production in the USA will be 347,3 million tonnes compared to USDA projected in August 353 million tonnes. Traders hope new balance activates the USDA corn trade.
due to the low activity of Asian buyers bid prices of corn fell to 198 $/t CFR, although in August it was sold at 203-208 $/t CFR for delivery in October-December.
the European Union is actively importing maize and for 1 Jul-9 Sep purchased 4.15 million tonnes, which is 77% higher than the corresponding figure 2018 a Large part of the corn sold in Brazil, in July and August actively exported grain.
