Corn futures continue to rise in price in anticipation of the May USDA report

2021-05-12 12:03:18
Machine translation
Corn futures continue to rise in price in anticipation of the May USDA report

< span style="font-size:14px;" > after falling on Monday, corn quotes on the Chicago Stock Exchange recovered slightly yesterday. On the eve of the release of the May USDA report, market volatility is significantly increasing,and the news about China's purchase of 1-1.2 million tons of American corn of the new crop supported prices.

 

< span style="font-size:14px;">yesterday on Chicago SWOT< / span>< / p> < ul> < li> < span style = " font-size: 14px;" > May corn futures rose 1.4% to 2 298.8 / ton,< / span> < / li>

  • < span style="font-size:14px;">July – by 1.4% to 2 284 / t,< / span> < / li>
  • < span style="font-size:14px;">December – remained at the level of 2 240/ton on data on favorable weather conditions for sowing.

 

< span style="font-size:14px;">a survey of analysts showed that they expect USDA experts in the May report to reduce the estimate of World corn stocks by 4.5 million tons to 279.4 million tons due to a decrease in the harvest in Brazil in 2020/21 MG by 6 million tons.

 

< span style="font-size:14px;">a 10.1% decline in corn sowing forecasts in France to 1.5 million hectares significantly supported prices, especially for the new crop.

 

< span style="font-size:14px;">on the Paris Stock Exchange, corn futures rose in price yesterday:< / span>< / p>

  • < span style="font-size:14px;">June-by 1.75 € / t to 258.5 €/t or 313.6 € /t,< / span> < / li>
  • < span style="font-size:14px;">August - by 3.5 € / T to 251.75 €/t or 305.4 € /t,< / span> < / li>
  • December - by 2.75 €/t to 222 €/t or 269.57 € /t. < / span> < / li>

 

< span style="font-size:14px;" > in Ukraine, exporters left the purchase prices for corn in the port at a high level of 2 279-282/ton or 8750-8900 UAH/ton, so processors were forced to raise prices to 8500-8700 UAH/ton with delivery to the plant.

 

< span style = "font-size:14px;" >forward prices for new crop corn rose to 2 255-265/ton, although they fall for new crop wheat after reaching the level of 2 250/ton. < / p>

 

< span style="font-size:14px;">data from the May USDA report today will provide traders with information to predict price trends for corn in the new season.