Stock prices for soy and corn continue to decline
on Wednesday, soybean futures and corn in the U.S. continued to fall under pressure of data on the sowing campaign.
In the USA corn planted 92% of the forecast, which is 2% higher than the average 5-year average. Shoots were obtained on 72% of the area versus 69% on average for 5 years. More than 79% of crops remain in good to excellent condition, exceeding the target of 2017.
the Promised next week precipitation in the corn belt of the USA give hope to receive a good harvest.
Soybeans planted 77% of the forecast, which is 15% ahead of the average 5-year average. Shoots were obtained on 47% of the area against 32% on average for 5 years.
Uncertainty in trade relations between the United States and China puts pressure on prices, while the failure of the supply of soybeans and corn in the result of the strike in Brazil supports the market.
Yesterday on Euronext corn prices lost growth of the previous week and fell by 3.75 €/t to 169,75 €/t or 198 $/t. the European corn Crops are in good condition.
In Ukraine, the pace of planting corn by 3% ahead of last year and grain already planted 98% of the forecast or 4,514 million hectares against 4,395 million hectares in the 29.05.2017, Soybeans planted 1.67 million hectares, or 87% of the forecast, which is 8.9% lower than the level in 2017.
Precipitation that took place in mid-may, was very uneven, so some crops of soybeans and corn was not sufficient for the normal development of moisture. Promised for the next decade of dry weather with a temperature of 26-28 degrees would cause further stress to the spring crops.
Russia's corn for grain planted 2.5 million hectares or 82,4% of the forecast, and soybeans – 2.2 million hectares or 79,35 of the forecast 2.8 million hectares and 1.9 million hectares, respectively, in 2017.