Despite high prices for corn producers continue to restrain sales

the Continuing increase in world corn prices encourages farmers to hold back sales to obtain maximum profit. Now, however, the corn market was under the pressure of weather news and active sales from South America.

Precipitation, which will be held this week in Argentina and Brazil, will significantly improve the condition of corn and remove the influence of weather factors on prices.

According to Agrural, corn first crop in Brazil is planted 91% of the planned areas, compared to 82% at the same date last year. Precipitation in Argentina will accelerate planting corn, which is now planted 30% of the area, which is 14 per cent behind last year's pace.

amid improving weather in South America, the December corn futures on the stock exchange in Chicago yesterday fell by 1.5%, but then recovered to 170,5 $/t with the support of the growth in oil prices by 7-8%, due to news of a new vaccine against Covid-19, the beginning of process of transfer of power to a new administration in the U.S. and a possible postponement of the OPEC countries+ planned increase of oil production.

Weekly exports of corn from the United States amounted to only 832 thousand tonnes, which has upset traders, especially in the absence of purchases from China.

Ukraine corn harvesting is coming to an end, and as of November 23, with 89% of the area harvested was 25.2 million tons of grain yield of 5.3 t/ha, although last year it was 7.2 t/ha. Predictions of yield increase as you move cleaning in North and West of the country were not fulfilled, therefore, the evaluation of the crop remain at the level of 28.5-30 million tons.

the Purchase price of corn in the port since the beginning of the week remain at the level of 220-225 $/t or 7550-7600 UAH/t, while an increasing number of proposals for 230 $/t

As of 23 November, Ukraine in 2020/21 MG exported of 20.17 million tonnes of grain, in particular corn – 4.5 million tonnes from the estimated 22-23 million tonnes, which is 32 per cent behind the corresponding period last year.

Price offers of Ukrainian corn are 235-240 $/t FOB compared with 220-230 $/t FOB on the Brazilian and American, while demand for shipments to Vietnam or South Korea in February – March does not exceed 255-260 $/t C&F.

Prices on the black sea corn was supported by a tender in Turkey, where yesterday the Agency TMO has purchased 350 thousand tons of feed in Russian and Ukrainian corn for delivery in December – January at a price 245,3-250,9 $/t C&F depending on the destination.

In Russia as of November 24, 92,8% of the area harvested 13.6 million MT of corn with a yield of 5.41 t/ha, so we can expect a harvest at level of 14.5 million tons (the forecast of 14 million tons).