Corn of the new harvest pressure on prices
the Harvest of corn in the major producing countries is gaining momentum, although the US and EU is slightly delayed. And the increased supply puts pressure on prices.
France a week have threshed only 3% of the area compared to 21% in 2018, while the condition of crops almost equals last year's. The European Commission has reduced the forecast of maize production in the EU up to 66 million tonnes, after which the November grain futures in Paris rose 0.5 €/t to 163,75 €/t or 179,11 $/t
In the Midwest USA with the exception of the Northern regions the weather favored harvesting, so the collection lag should be reduced. Last week was threshed only 7% of the area compared to 15% in 2018
the United States since the beginning of the season exported 9.15 million tons of corn, which is the lowest figure since 2002/03 MG and is 18% of forecast USDA compared with 28% on average for 5 years at that date.
Argentine manufacturers fear that the new government will increase export duty, therefore, actively selling corn.
the December corn futures in Chicago on Friday fell to 146.3 $/t against the background of falling prices for soybeans and a reduction in export sales of corn from the U.S. for the week at 66% to 494 thousand tons, which is 71% less than the corresponding indicator 2018
In Ukraine on 27 September, with 18% of the area harvested 4.5 million tonnes of corn with a yield of 5.98 t/ha. Despite the increase in supply prices of grain in the port increased during the week 142-144 $/t to 144-145 $/t or 4150-4170 UAH/t
In the September IGC forecast global maize production in 2019/20 Mr estimated 1,099 billion tons, or 31 million tons will yield a crop 2018/19 Mr. The estimated consumption of corn left at the level of 1.139 billion tonnes, which almost corresponds to 1.14 billion tons of the 2018/19 season. Forecast the volume of world trade decreased compared to the August report by 1 million tonnes to 165 million tonnes, which corresponds to 2018/19 Mr. Ending stocks of corn in 2019/20 MG reduced to 286 million tonnes, compared to 326 million tonnes in 2018/19 Mr.
