Corn prices in the US rose by another 4% and approached 7 7/bushel
The market expected that after the rapid increase in corn prices in Chicago last week by 11%, profit-taking and a slight adjustment will begin on Monday, but speculators found new support factors, especially for the old crop, namely the intentions of the Argentine authorities to increase export duties or limit exports.
On this news, may futures in Chicago rose another 3.8% to 6 6.94/bushel or.273.1/ton, and July – to. 260.2/ton.
December new crop corn futures also rose 3.4% to.224 / ton amid dry weather in the United States and Brazil.
In the US corn belt, frosts were insignificant, the weather promotes sowing, and periodic rains replenish soil moisture reserves, while in areas of the Plains where wheat is grown, drought increases.
As of April 25, 17% of the planned areas were sown with corn in the United States, compared with 24% a year ago and 20% on average over 5 years on the same date, which corresponds to experts ' forecasts.
The market was supported by USDA data on corn exports, which grew by 25% to 1.96 million tons in a week, and in general in the season reached 41.2 million tons out of the projected 68 million tons.
According to weather forecasts, there will be almost no rain in the central part of Brazil for 7 days. If the rainy season ends earlier than usual, then the corn crops of the second crop will suffer from drought.
Demand prices for corn rose, and South Korean processor FLC purchased a batch of corn from South America for delivery in August at a price of 3 306/ton CFR, while supply prices for deliveries to Asia rose to 3 320-330/ton CFR.
Following the exchange quotes, purchase prices for corn in Ukraine increased in the port by 5 5-6/ton to 2 263-265/ton or UAH 8350-8400/ton.
They are supported by the growth of May and June corn and wheat futures on Paris Euronext to 2 282/ton and.298/ton, which increases the possibility of supplying Ukrainian corn to the EU against the background of lack of demand from countries other than China.
