A new report by the USDA forecast of corn exports to Ukraine decreased, and for the United States - increased

2021-04-12 12:02:04
Machine translation
A new report by the USDA forecast of corn exports to Ukraine decreased, and for the United States - increased

the April report USDA corn was not surprised traders, however, changes in the balance for the United States led to a slight decrease in stock prices.

 

as a Result of increased consumption of corn (primarily in the United States and Ukraine), the global ending stocks are reduced by 3.82 million tonnes to 283,85 million tonnes, while analysts had estimated it 284,4 million tons.

 

Forecast of world production of corn in the 2020/21 marketing year has been increased by 0.7 million tonnes to 1137,05 million tonnes due to the increase of the crop in Pakistan, the EU, the UK and Ecuador, while for Argentina it is reduced 0.5 million tons to 47 million tons.

 

the global consumption of corn in 2020/21 MG increased by 4.42 million tonnes to 1156,19 million tonnes (1134,6 million tonnes in 2019/20 MG), in particular for Ukraine on 1 million tons for the United States to 1.9 million tonnes, of which 600 thousand t will increase the production of ethanol and 1.3 million tonnes for the production of animal feed.

 

the Forecast of world corn exports increased by 0.71 million tonnes to 187,26 million tonnes (171,71 million tonnes in 2019/20 MG) due to the increase in U.S. exports of 1.9 million tonnes, which compensates for a decrease of 1 million tonnes.

 

For Ukraine, the export forecast is reduced due to the higher than in the US, prices are lower than last year, the pace of the shipment, although local analysts also predicted declines in exports and an increase in ending inventory.

 

the Forecast for global corn ending stocks decreased by 3.82 million tonnes to 283,85 million tonnes (302,99 million tonnes in 2019/20 MG) due to the decrease of inventory valuation for the United States by 3.81 million tonnes to 7-year low of 34.34 million tonnes, which is 60% lower than the level of the previous season and will be lower than analysts had expected the index.

 

For other countries, the forecast of ending stocks almost not changed, but a slight increase in the rating for Pakistan and South Korea will be offset by a reduction for Saudi Arabia.

 

After the publication of the report, the may corn futures on the stock exchange in Chicago fell to 227 $/t, and the December rose to 195,26 $/t On a complex balance for the United States the prices will remain high and may be reduced only under the pressure of high sowing rate in the United States and favorable weather in Brazil.

 

In Ukraine procurement corn prices remain under pressure from weak demand from the EU and China, as well as lower prices for wheat.

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