Forecasts of corn production in the United States and Ukraine increase due to favorable weather

On the territory of the corn belt in the U.S. in September will dominate the high temperatures without frost, which will contribute to the maturation of corn, especially planted after the optimum time.

Hurricane Dorian 3rd category will bring this week in the Western part of the Atlantic, the devastating wind and storm on the Southeast coast of the United States, but it will not hurt the crops in this region.

News about improving weather in the United States in September was the main factor of pressure on the price of corn.

the corn Futures in Chicago yesterday fell to 142,3 $/t by a decline in exports and increased competition in world markets.

the Amount of corn in good or excellent condition in the U.S. last week increased by 1% to 58%, although they still lag behind in development.

corn Exports from the U.S. last week fell by 45% to 355 thousand tonnes, which is three times less than the same period last year. Since the beginning of the season exported 47.1 million tons of corn, which is 10.6 million tons less than at that date in 2018.

Brazil in August exported record 7,653 million tons of corn, exceeding by 21% the previous record set in July, and 2.6 times the rate Aug 2018, which puts pressure on the American market. Compared with July, the average export price of Brazilian corn in August fell 0.6% to 175 $/MT FOB.

In Ukraine, the harvest of corn has not started yet, though dry weather accelerates the beginning of the collection and helps reduce moisture. Prices for new crop corn dropped to 158-160 $/MT FOB for deliveries in October and November, but the manufacturer is unwilling to sell grain at that price.

the Drought of August and September in the South and center of Ukraine may reduce the yield of corn, so farmers expect price increases and hamper sales.