Stock quotes for corn started the week with a sharp drop

< span style="font-size:14px;">after a week of strong growth yesterday, corn quotes on the Chicago and Paris stock exchanges fell by 3-4%, while December futures in the United States fell by 4.7% on data on the good condition of corn crops in the United States and Europe and forecasts of light precipitation in corn growing regions in Brazil.

< span style="font-size:14px;" > the drought that Brazil's second-crop corn crops are suffering from continues to support prices, and analysts expect updated crop forecasts from tomorrow's WASDE report.

experts of the Brazilian consulting agency AgRural lowered the forecast of the corn harvest in the country from 103.4 to 95.5 million tons compared to April estimates. < / span> < / p>

< span style="font-size:14px;" > in the United States, as of May 9, 67% of the area was sown with corn, which is 15% higher than last year's rate and 21% higher than in the previous week. Precipitation next week will speed up the pace of sowing and complete it.

< span style="font-size:14px;">some analysts believe that due to favorable conditions, the estimate of sowing areas in the new USDA report will be increased.

< span style="font-size:14px;" > according to the NASS USDA, corn seedlings were obtained on 20% of the area compared to 22% a year ago and 19% on average in 5 years. However, in the states of Texas and Nebraska, due to a lack of precipitation, there is a delay in germination.

< span style="font-size:14px;">corn exports from the United States for the week decreased by 23% to 1.707 million tons, and in general in the season reached 45.154 million tons out of the projected 67 million tons.< / span> < / p>

yesterday on the Chicago Stock Exchange, may futures fell by 3.4% to 2 294.5/ton, July - by 3% to 2 280/ton, and December - by 4.7% to 2 239.8/ton. < / span> < / p>

< span style="font-size:14px;" > in Ukraine, following the growth of stock quotes, purchase prices for corn of the old crop at the end of last week rose to 2 278-282/ton or 8650-8750 UAH/ton, but today they may slightly decrease after a long weekend.

< span style="font-size:14px;" > according to the Ministry of Agrarian Policy, as of May 6, 45.7% of the area or 2.43 million hectares were sown with corn for grain, compared to 3.96 million hectares as of May 5, 2020, which was 73% of the planned 5.4 million hectares.

< span style="font-size:14px;">cold weather delays sowing, but rising temperatures and rain this week will speed up sowing.