Corn prices are rising as the recovery in crude oil markets and stock
the Panic on world markets last week caused by the spread of the virus Covid -19, yesterday gave way to a sharp rebound in oil prices and stock indexes, which resumed on 4,5-6%. This supported commodity markets, including futures on corn, which yesterday in the U.S. rose 2.6% to 148,2 $/t.
the Further growth of quotations has restricted fundamental factors, in particular falling demand, showed data on export and processing volumes of corn for ethanol.
According to the USDA weekly corn export amounted to 896,2 thousand tonnes, which although higher than 3.4% in the corresponding period last year, but inferior to the expectations of experts. Since the beginning of the season, the United States exported 14.1 million tonnes of corn, which is 45.7% less than the same date in 2019 to reach the projected USDA export 44 million tons, over the 27 weeks that remained before the end of the season the country must sell at least 1.1 million tons of corn weekly, which is almost impossible in the face of shrinking global demand and increased competition from the Ukrainian and South American corn.
the Volume of corn processing for ethanol in the U.S. decreased in January compared to December by 2.03% to 2,244 million tons.
corn Prices in Ukraine for the week fell by $10/t to 176 to 178 $/t FOB for shipments in April-may, while the bid prices in March does not exceed 175 $/MT FOB due to the falling demand. The demand price at the port dropped to 162 to 164 $/t or 4650-4750 UAH/t, besides many terminals stopped accepting because of the lack of free capacities.
Since the beginning of the season Ukraine exported of 19.78 million tonnes of maize, which is 19% higher than the corresponding figure last year.
corn Imports to the EU for the week amounted to 368,5 thousand tons, almost the same level of the previous week and overall in the season reached 14.4 million tons, which is 12% below the corresponding indicator 2019, but more than 25% of the average three-year indicator.
