The increase in forecasts of corn production in Brazil and Argentina puts pressure on prices
Yesterday, March corn futures in Chicago fell by $1/t to 148,97 $/t under pressure from increasing grain production forecasts in South America and uncertainty on grain markets, due to a partial government shutdown and the lack of as a result the monthly balance USDA grains and oilseeds.
the Agency Conab increased its estimate of corn production in Brazil to 91,19 million tonnes due to the increase in the first harvest of grain.
Experts Agroconsult estimated production of maize in Brazil at 95.6 million tonnes, higher than projected in December. USDA 94.5 million T.
Grain exchange Rosario on the background of sufficient precipitation has increased the forecast of corn production in Argentina from 42 to 43 to 44 million tons, while USDA in December was estimated at 42.5 million tons.
South Africa's corn harvest will be reduced through dry weather, so in January the country with an active exporter could become an importer of corn. There is information that the company Cofco late January plans to ship to South Africa ship Brazilian corn.
Acquired South Korean refiner MFG for the price 210 $/t batch of corn on the delivery terms in may supported the prices of U.S. corn.
In Ukraine due to high export demand corn prices continue to rise, and has risen at 1-2 $/t 160-161 up to $/t or 5180-5200 UAH/t for deliveries to the port in January and to 162-163 $/t for deliveries in February.
In the current season Ukraine has exported 9.9 million tonnes of corn, compared with 6 million tons on that date in the previous MG.
the Main buyer countries were the EU who have purchased more than 4.4 million tonnes, which is by 123% more than last season.
currently, Ukraine is the world's third largest corn exporter after the United States and Brazil.