Drought in Argentina raises the price of corn
for 4 months in a row experts have lowered forecasts of the harvest of corn and soybeans in Argentina through prolonged drought, although meteorologists promise in the coming weeks, little precipitation and low temperatures.
most of the affected corn crops, which ripen earlier soy.
Experts of the Argentine Agency Agripac has reduced the forecasts of corn production from 42% to 37 million tons and soybeans from 57 to 47 million tons, the Agency Agritrend estimates the corn crop at 37.5-38 million tons and soybeans at 47-48 million tons.
the Reduction in the Argentine crop amid a record volume of global proposals led to higher prices in Chicago and then in Ukraine.
In Chicago March corn futures rose to 147 $/t, however further growth reduces the pace of U.S. exports and a reduction in ethanol production up to 1,016 million barrels/day.
the Main factor in the formation of corn prices in the new season will be today's USDA report, which is likely to be reduced assessment of acreage and crop 2018.
In Ukraine corn prices are rising due to strong demand and a limited number of proposals from manufacturers.
the Growth of purchasing prices for barley in the tender in Saudi Arabia strengthened world prices for feed grain. In Ukraine, in the port of price of barley rose to 175-178 $/t, feed wheat – up to 174-175 $/t, maize – up to 165-167 $/MT, although some traders offer for the supply in March - April, 171-172 up to $/t