The recovery in oil prices supported the price of corn
the intention of the OPEC to further reduce oil production amid the spread of the pandemic Сovid-19 supported the prices of oil and corn. The increased incidence in Europe and the strengthening of quarantine will reduce the demand for oil, so their task now see OPEC support oil prices in the range of $40 to $ 45/t On prices news December futures for Brent crude on London exchange ICE Futures 2.4% to 40.6 $/barrel and WTI on the new York NYMEX fell by 2.6% to 38.6 $/barrel.
Elections in the United States did not significantly affect corn prices because the producers of ethanol and biodiesel, which is concerned about plans to reduce cars with internal combustion engines and increase of electric vehicles, has not received strong support either from Democrats or from Republicans.
the December corn futures on the stock exchange in the United States yesterday rose 1.4 $/t to 157,3 $/t amid a slower-than-expected collection and the probable decline in production forecast in a new report by the USDA.
As of November 1 U.S. corn collected on 82% of areas, compared to 49% last year and 69% on average for 5 years, although analysts had expected on that date will be threshed 85% of the area. Dry and warm weather this week will allow us to complete the cleaning of corn in the United States.
ahead of November's USDA report, analysts have updated their estimates of the corn crop in the United States, within 375-387 million tons compared with the USDA projected in October 374 million tons, as yields increase due to the dry weather during the harvest.
Precipitation in Argentina and Brazil to improve predictions of production of corn, which actively continue to spread.
Import maize in the EU for the week amounted to 144 thousand tons, and just season to 5.5 million tonnes, which is 19% below the corresponding indicator 2019
the November corn futures on MATIF rose by 1.5 €/t to 194 €/t or 225,87 $/ton, and January and 1.25 €/t to 186,25 €/t or 216,85 $/t
In Ukraine due to favourable weather, with 3.6 million hectares or 66% of the area harvested 17.6 million tons of corn with a yield of 4.89 t/ha, which grows as you progress in the North and West of the country.
the Purchase prices at ports remain at 212-214 $/t or 7200-7300 UAH/t, although some companies pay a premium for fast delivery.
the Traders have already acquired the necessary batch of corn for October and November, so prices dropped to market because to sell on the world market of corn for 230 $/MT FOB and above very difficult, especially with the decline in wheat prices.
Association of pig breeders and poultry farmers of Ukraine appealed to the government to limit the export of corn, to avoid the shortage of raw materials and rising prices. It may increase competition between processors and exporters who will try to acquire the necessary for export of the party.
