The data in the WASDE report supported the price of corn
After the publication of the June report from the USDA, the July corn futures in Chicago yesterday and played the fall on Monday, and went up to 148 $/t
the Experts at the USDA lowered the forecast of maize production in season 2017/18 and 2018/19 season and reduced final balances for both seasons.
Forecast corn production for Brazil this season reduced compared with the may assessment 2 million tonnes to 85 million tonnes, but for Argentina left at the level of 33 mln tonnes
Likely increase in corn exports from the US to 58 million t and increased corn processing for ethanol in 2017/18 MG helps to reduce carryover in the United States and the world in General.
In the 2018/19 season, analysts predict a decrease, compared to the may estimates, the starting and ending residues of maize by 2.1 and 4.46 million tonnes and reduction of production of 4 million tonnes, even despite the dry weather conditions, the production forecast for Ukraine and the EU remains at the former level of 30 and 61 million tonnes, respectively.
the Lack of effective precipitation in the Central and southern parts of Ukraine can significantly reduce the yield potential of corn in the 2018/19 season. In Ukraine the next decade expected dry weather with temperatures of 28-30 degrees Celsius, which can negatively affect corn crops, which have not received sufficient moisture and are delayed in development.