The increase in production forecasts for Argentina and Brazil increases the pressure on corn prices

at the end of the week, the futures on the stock exchange in the United States grew 2.3% to 212,3 $/t on the background is more active than expected export sales of corn and rising oil prices Brent 2.5% to 63.5 $/barrel.

In the February report, the experts USDA left the predictions of corn production in Argentina and Brazil unchanged, but local intelligence was later published, a more optimistic assessment.

Conab Experts in the February report increased compared to the previous estimate forecast of corn production in Brazil in 2020/21 MG from 2.2 million tonnes to 105.5 million tons, while the USDA estimated at 109 million Prospects of the crop increased due to increase planting acreage, although delayed sowing a result of intense rainfall will lead to lower yields.

heavy rainfall that a few weeks go in Argentina, has improved the forecasts of production of soybeans and corn. Experts Grain exchange Rosario increased compared to the previous estimate forecast soybean crop, which will be assembled in April-June, at 2 million tonnes to 49 million tons and forecast of the corn crop, which will be collected in February-April of 2.5 million tonnes to 48.5 million tons compared with predicted USDA 47.5 million tons.

in the Coming weeks low demand from China, where it continues the celebration of the New year, will increase the pressure on the prices of American and Ukrainian corn.

Ukraine for a week increased the exports of corn by 52% to 657 thousand tons, and from the beginning of the season exported of 12.46 million tonnes, 5 million tonnes inferior to last year's pace.

as a result of the bad weather, delays in supplies of corn by the truckload ports, purchasing prices in Ukraine recovered to 248-250 $/t or 8200-8400 UAH/t. However, this increase will be temporary, because the prices of the proposals of the Ukrainian corn at 260-265 $/MT FOB significantly higher than Russian, which confirmed the tender in Turkey, where the Agency TMO acquired 235 thousand tons of corn (presumably Russian) price 269-274,9 $/t C&F delivery from 19 February to 15 March.

Today, USA weekend, so prices will remain almost unchanged.