Corn prices on the Chicago Stock Exchange have risen by 11 since the beginning of the week%

Speculative growth in corn stock prices in Chicago accelerated yesterday, thanks to forecasts of an increase in grain imports to China and concerns about a decline in production in Brazil due to a lack of precipitation. So far, the market ignores the decline in export sales and improved weather in the United States, which will accelerate the pace of sowing.

Yesterday, on the Chicago SWOT, May corn futures rose 4% to 2 255.9/ton, and December – by 3.1% to.217.7/ton.

Frosts up to -1...-3 ^OhEarly grain crops could be damaged in the US corn belt, but during the week the air temperature will rise and light precipitation will pass, which will speed up sowing.

In the central and southern regions of Brazil next week there will be light rains, but they will not be enough for good development of crops. At the end of the week in the state of Mato Grosso, the air will warm up to 30-32 ^OhS.

The USDA representative in China raised his forecast for corn imports to the country in my 2020/21 to 28 million tons, compared with 24 million tons in the USDA's April balance sheet, despite calls from the Chinese authorities to reduce the consumption of corn and soybean meal in feed production. According to the representative's forecast, China will import only 15 million tons of corn in my 2021/22.

According to the USDA, export sales of corn for the week decreased by 42% to 387.5 thousand tons, China canceled the purchase of previously contracted 123.9 thousand tons of corn, and sales of new crop corn amounted to only 29.5 thousand tons.

In Argentina, corn is harvested on 17% of the area. Thanks to the high yield in Cordoba, BAGE experts raised their production forecast to 46 million tons.

Against the background of rising world prices, exporters raised the purchase prices for corn in the ports of Ukraine by another 50-100 UAH/ton to 8200-8350 UAH/ton or 257-260 $/ton, so processors raised prices to 7800-7900 UAH/ton with delivery to the plant. Forward prices for new crop corn delivered to the port in November increased by another 5 5/ton to 2 225-230/ton.