The deterioration of corn crops in the US pushing prices up

Last week, corn prices fell slightly after the previous rapid growth caused by the delay of sowing in the United States. A reduction in rainfall has raised hopes for Dow planned areas even at the risk of reducing yield. Cold weather during the month, delays the growth of maize.

According to the report of USDA, as of June 24, corn in the United States planted 96% of the areas compared to 92% last week, 100% average for 5 years and the expectations of the traders in the range of 97-99%. Shoots were obtained on 89% of areas compared to 79% last week and 99% on average for 5 years. The number of crops in good or excellent condition for the week decreased from 59% to 56%, although this date last year the figure was 77%.

In the next 6-8 days in the Midwest will be dominated by the heat that the high level of soil moisture will contribute to the development of crops.

waiting for the inventory report and forecasts of the corn crop, which will be released on June 28, traders have increased the number of long positions in corn by 32.3 thousand to 143,5 thousand contracts, hoping for further price increases.

the Reduction of corn exports from the U.S. for the week of 9% to 617 thousand tonnes, which is twice lower than last year's figure dropped yesterday July futures to 180,9 $/t report on the condition of crops left after the auction, therefore no impact on prices.

Quotes supported the increase of China's demand for feed, confirming shipment last week in the direction of one vessel with corn and two of sorghum.

Prices on Ukrainian corn of new crop with delivery in the port in October-November, remain at 174-175 $/t. the Demand for grain of the old crop decreased as the port terminals began to take barley, wheat and rapeseed from the new harvest.