Corn prices fell to a minimum, despite the lower yield forecast

2019-08-21 12:50:09
Machine translation
Corn prices fell to a minimum, despite the lower yield forecast

Crop tour, Pro Farmer in the corn belt of the United States showed that the current yield of soybean and maize will be lower than last year, and the average three-year figure, while in Ohio, Nebraska and South Dakota it will be not so low as expected.

 

In South Dakota the average yield 154,08 bushels/acre, compared to 178 bushels/acre in 2018 and 158,59 bushels/acre on average over 3 years.

 

In Ohio, the average yield is 154,35 bushels/acre compared to 179,57 bushels/acre in 2018 and 164,38 bushels/acre on average over 3 years.

 

a Similar situation will happen in Nebraska, although official data are not yet available.

 

According to the latest forecast of the USDA, the average corn yield will reach 169,5 bushel/acre and the gross yield of 353 million tonnes, while other analysts have estimated it at 335 million tonnes.

 

Yesterday in Chicago December corn futures began to rise at the crop tour about lowering yields, but then fell to its lowest level since may 145,51 $/t

 

the market presses lower prices to Asian customers, 192-195 $/t CFR for shipments in October-November.

 

the Competition between Ukrainian and Brazilian corn lowers prices on the basis of FOB USA.

 

During 1-16 August, Brazil exported 4.3 million tons of corn, that is 358,1 kt on a daily basis, while last month this figure was 274,6 thousand tons per day. This will allow in August to beat the July export 6,317 thousand tonnes, which has already broken the record set in December 2015 August 2018 Brazil exported of 2.82 million tonnes of corn.

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