Drought greatly reduces the corn crop in Brazil
Experts reputable Agency SAFRAS & Mercado reduced the forecast of maize production (first and second crop in Brazil to 79,02 million tons In particular, the assessment of the second crop was reduced compared to the April forecast by 16.65 to 48.76 million tonnes, 27.6% yield indicator 2017/18 MG.
the Main reason for adjustments was the drought, which took place the development of the greater part of the crops, and carried out much later than the optimum time seeding considerable amounts of corn in some States, particularly in Parana, which is the second largest producer of safrinha.
the corn Futures in Chicago showing growth, but the week grew by only 1.4% to 160,13 $/t China's Decision to abolish duties on soybean and sorghum support prices for coarse grains in the United States. China on Friday implemented from the state reserves of 3.28 million tonnes of corn, accounting for 52.7% of the proposed to sale of the party.
the U.S. last week exported 1,564 million tons of corn, double the figure of the corresponding period last year. The export rates are growing, sold 93% of the forecast USDA for the current season that by 9.87 per cent behind last year's pace of sales. The reduced crop in Brazil may soon lead to higher prices for corn of the old crop.