The biggest in season weekly exports did not keep from falling corn prices in the United States

2020-03-13 12:03:39
Machine translation
The biggest in season weekly exports did not keep from falling corn prices in the United States

Panic caused by the pandemic virus Covid-19, yesterday led to another collapse in stock markets and oil. Adopted by the governments of the US and EU measures to stimulate the economy are unable to stop the fall of stock prices.

 

Investors are shocked by the decision trump the closure of entry to the United States from most countries of continental Europe adopted without prior negotiation and consultation with the European governments. Simultaneously with the passenger message trump plans to stop cargo transportation between the U.S. and the EU.

 

the corn Futures yesterday fell by 3% to 144,1 $/t crossing is the next technical support level. If the situation does not stabiliziruemost, the drop in prices will continue in the future.

 

the Market not supported by data on the growth of the volume of weekly export sales by 91.3% to the largest in the season the level of 1,471 million tonnes (of which 750 thousand tonnes of purchased Japan), which is three times higher than the corresponding figure of last year, while experts predicted their level of 600-800 thousand tons, the Actual export of corn from the U.S. last week amounted to 851,7 kt, and since the beginning of the season 15.2 million tonnes, which is 43% below the pace last year.

 

South Korean recycler optional origin purchased for delivery in July party the American corn at a price of 205 $/t C&F and a South American at a price of 204 $/t C&F.

 

the Cheapening of the corn exerts pressure on export prices for Ukrainian maize, which is now offered at 178-180 $/t FOB. But few buyers are holding back purchases in anticipation of further price declines.

 

In the domestic market, vendors have stepped up sales of corn after the growth of the dollar from 25 to 26 UAH/$, resulting in the demand price at the port rose from 4850 to 5050 UAH/t, despite the decline of foreign currency prices to 166-167 163-164 $/t

 

the price of wheat and corn from the new harvest will decline in the future under the pressure of increased production forecasts in South America, where the weather promotes the formation of record harvests of soybeans and corn.

 

Moderate and heavy rainfall which continues in Brazil, replenish moisture reserves before sowing of maize second crop.

 

In Argentina in the areas of cultivation of maize will also continue precipitation that will contribute to filling corn and soybeans.

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