Corn prices in the U.S. rose sharply on the background of delayed sowing
After caused the report USDA the fall in maize prices last week, Monday they increased by 7.5% on the data about sowing and increased exports to the US. Additionally, the market supported the intention of the government to compensate farmers for the losses from trade war with China.
corn Exports from the U.S. last week rose to 1 million tonnes, although this is 36.5% less than the corresponding period last year.
According to the data released on Tuesday by the NASS report, corn planted in the U.S. 30% of the planned area, which is much lower than the experts ' forecasts and last year's figure for may 12 to 66%. In Illinois, corn planted 11% of the area, which is 71% below the average level in Oklahoma – 4%, Indiana 6%, which lags behind the rate of 51%.
the Next 6-10 days in the corn belt of the United States will remain wetter than usual weather. For it experts IEG Vantage (Informa) reduced the forecast of sowing areas under maize in the US in 2019, up to 90.7 million acres, which is 2.1 million acres less than in the may report USDA.
In South America, corn prices are rising after the American exchanges and on the background of strong exports of soy, which prevents the shipment of corn from the ports of Brazil and Argentina.
In Ukraine due to low supply and demand the demand price of corn dropped in the port to 153 to 155 $/ton, whereas prices are 158-160 $/t. It may in the near future to strengthen buyers. The strengthening of the dollar rate to UAH 26.3/$ will lead to an increase of UAH purchase prices, which are now in the port fell to 4700-4800 UAH/t
Long-term rainfall in the Central and Western regions of Ukraine do not allow to carry out sowing of maize at the optimum time, which may reduce the yield.