Informa Economics has significantly reduced the forecasts of the Argentine crop
Experts of Informa Economics lowered compared to the previous forecast, the estimate of soybean production in Argentina in 2017/18 MG to 3.5 million tons to 51 million tons and corn by 5 million tonnes to 37 million tonnes.
In Chicago futures for corn remained unchanged, because the further increase in precipitation in Argentina will reduce the risk of deterioration of crops and the yield reduction was already taken into account in trading strategies.
According to the report CFTC Commitment of Traders short positions in corn, traders have reduced from 130 thousand contracts to 88734 contracts, which indicates a decrease in speculative pressure on prices.
corn Exports from the U.S. still lags behind the pace of last season and is only 66% of the forecast USDA 2017/18 MG vs 73% for the corresponding period of the previous season.
In Ukraine, the price of maize stabilized at 162-163 $/t or 5300-5400 UAH/t with delivery to the port. The increase in purchase prices led to an increase in the number of proposals that allowed traders to go to the usual mode of procurement.