After a steady increase corn prices turned down

the price of corn, which is actively growing for 3 months, started to fall amid declining oil prices and an overbought market.

the December corn futures on the stock exchange in the United States fell yesterday by 4% to is 158.9 $/t under pressure from cheaper oil by 5% due to the spread of the pandemic in the US and Europe, and forecasts of strengthening of the quarantine.

the Traders did not take into account the active purchase of corn to Asian buyers and the increase in ethanol production in the United States.

For the week, ethanol production in the U.S. rose 3% to a two-month high of 941 thousand barrels/day due to the increased consumption of motor fuel in the United States in recent months.

News about the purchase by buyers from China and South Korea corn from South America with a January delivery at a price of 265 $/t CFR supported the market, while the demand for American corn decreases. In today's USDA report, the volume of weekly sales will decrease to 0.7-1.5 million tons.

In Ukraine, purchasing prices of corn in the port after reaching 225-230 $/t yesterday have fallen by 10-15 $/t to 215-217 $/t or 7200-7300 UAH/t on the background of falling world prices and increased sales of manufacturers.

As of October 26, from 3.07 million hectares or 56% of the area harvested 14.5 million tons of corn with a yield of 4.72 t/ha. In the Western and Northern regions, the yield is 7-8 t/ha, which gives hope for a harvest in the range of 28-30 million tons.

the fall of the Euro against the dollar, which strengthened against the background of the second wave of the pandemic and the economic slowdown in Europe will lead to a further decline in European corn, which for two weeks has risen by 11%.

the November corn futures on MATIF yesterday fell 2.25 €/t to 195,25 €/t or 229,4 $/t in January – on 3,75 €/t to 185,7 €/MT March – 4 €/t to 218,2 $/t

EU Countries which are the main buyers of Ukrainian maize this season has declined compared to the corresponding period of 2019 the import of grain by 20% to 5.2 million tonnes, and exports by 62% to 474,7 thousand tons, which will increase supply in the domestic market and reduce import rates.

the Price proposals, the Romanian corn for November delivery amount to 200 €/t or 235 $/t FOB, while the bid price reaches 225 $/t FOB.

Prices demand for shipments to South Korea and Vietnam is 250 $/t CFR that the freight costs 30 $/t corresponds to the level of $220/MT FOB.

the Lack of data on sales of U.S. corn as of October 15, increases the pressure on the U.S. market, where this year will collect a record 374-375 million tons of corn. According to analysts, a new report by the USDA crop forecast again will increase due to good yields and small losses in the face of dry weather during harvest.