Corn prices we expect an updated balance USDA

Yesterday futures on the stock exchange in the United States fell in the morning waiting for the updated balance of the USDA, but later against the background of rising oil prices recovered to 163,4 $/t. the Factor of pressure on prices remain the intention of China to refuse execution of conditions of trade deal and reduce the purchase of corn in the United States.

Record high rates of cleaning reduce the demand on the physical market that puts pressure on prices. As of November 8, corn in the U.S. collected on 91% of areas, compared to 80% in average of 5 years.

corn Exports from the U.S. for the week decreased by 7.2% to 690 thousand tons, of which 29% were purchased by China.

made public on the eve of the release of the USDA report the average estimates by Bloomberg survey analysts, the average corn yield in the U.S. 177,7 bushels/acre, and the harvest – 372,4 million tonnes, whereas in the October USDA report had it appraised at 178,4 bushels/acre and 373,94 million tons, respectively. Estimate of world corn ending stocks was reduced to 296,37 million tons compared to projected in the October USDA 300,45 million tons.

In a statement released on Friday, the 10-year baseline report, USDA forecast of sowing areas of maize for 2021г. in the United States was reduced to 90 million acres, down 1 million acres lower than in the current season.

In Ukraine, purchasing prices for maize in port, remain at a high level 217-220 $/t or 7200-7500 UAH/t, while refiners raised prices to 7100-7400 UAH/t with delivery to the plant to accumulate stocks of raw materials against the backdrop of high export demand and the containment of sales producers.

In the global market of domestic corn offered at 235-237 $/t FOB compared to the us at 210-215 $/t FOB prices with delivery to Asia at 250 $/MT C&F.

the January corn futures on the Paris Matif traded 189,5 €/t or 224,3 $/t

corn Exports from the EU in comparison with the corresponding period 2019/20 Mr decreased by 59% to 569,534 thousand t and imports by 19% to 5,864 million tons.