After a long speculative increase, corn prices fell by 7-8%

Yesterday, on the world commodity exchanges, quotes for basic agricultural products fell sharply after the previous long speculative growth.

The leader of the fall was soybeans and oil, as well as corn, which fell sharply on the Chicago Stock Exchange due to higher harvest forecasts in Argentina, promised rain in the US Corn Belt and low corn export sales from the United States over the past week.

July futures fell 6.8% to 2 249.2/ton, and December futures fell 8.1% to.209.4/ton, almost returning to the level of early May, when speculative price increases caused by the drought in Brazil began.

In Argentina, where corn is harvested on 42.3% of the area, the average yield increases as work progresses, so BAGE experts increased the forecast for the corn harvest to 48 million tons.

In the US corn belt this week, hot weather will prevail with temperatures of 32-36 ^OhWith light thunderstorms, but from next week precipitation will increase, and the heat will subside.

Export sales from the United States of corn of the old crop for the week amounted to only 18 thousand tons, and new – 276 thousand tons, which disappointed traders. The market was not supported even by data on the actual export of corn, which for the week reached 1.662 million tons, which is 89% higher than the corresponding figure last year.

On the Euronext exchange, August corn futures fell by €12.25/ton to €246/ton or.294/ton yesterday, while November futures fell by €4.25/ton to €201.5/ton or € 240.95/ton.

Following the world quotes in Ukraine, purchase prices for corn of the old crop decreased by 200-300 UAH/ton to 8100-8200 UAH/ton or 2 262-265/ton, and for the new crop – by 5 5-10/ton to 2 230/ton with delivery to the port.

The start of wheat harvesting in the United States, as well as favorable weather conditions in the EU, Ukraine and Russia, are increasing pressure on the wheat market, which will soon lead to lower corn prices.