The increase in forecast production and residues of maize in USA lowers rates

2020-02-24 12:08:07
Machine translation
The increase in forecast production and residues of maize in USA lowers rates

the corn Futures on US exchanges on Friday continued to sink under the pressure distribution coronavirus the world, forecast by the USDA for the new season and news about China's purchase of Ukrainian corn.

 

According to estimates by the USDA, the acreage under corn in the US in the new season will increase compared to 2019/20 MG of 5% to 94 million acres, valoviand tax – 13.5% to 392 million tons and ending stocks of corn – 20 million tonnes to 68.5 million tonnes.

 

March corn futures fell 0.9% to 148,97 $/t. the Market was supported by active weekly export sales of corn from the US at the level of 1.24 million tons and the weekly export shipments at the level of 760 thousand tons, and the news of the purchase of the South Korean refiners are three batches of U.S. corn at a price 210-211,25 $/t C&F for delivery in June.

 

Purchased by China last week 1-1,2 million tons of Ukrainian corn has surprised traders who were expecting the intensification of the procurement of corn from the United States after signing a trade agreement. However, the rumors about China's purchase of U.S. corn from the us Pacific North-West coast of the United States supported the market.

 

In Ukraine corn prices in the week increased by 1-2 $/t to 169-171 $/t or 4850-4950 UAH/t at the port due to increased export demand due to the increase in sales in China, which remains the only major buyer of Russian corn. Sales prices in China depending on the delivery period are 179-182 $/t FOB, so traders in the near future will not be able to pay more 170-172 $/t at the port.

 

the Fall in demand from Iran and the EU in the near future will increase pressure on prices. Corn exports from Ukraine in this period is traditionally high, and in the last week increased by 145 to 895 thousand tons and since the beginning of the season amounted to 18.5 million tonnes, which is 21% higher than the corresponding level of the previous MG.

 

Russia for a week has increased exports of corn by 6% to 112 thousand tons and since the beginning of the season has sold 2.3 million tonnes, which is 34% higher than last year on the same date.

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