The corn market has not yet reacted to the bearish USDA report

2018-07-02 12:08:32
Machine translation
The corn market has not yet reacted to the bearish USDA report

for the last week, corn prices have gradually declined in anticipation of the USDA report on crop acreage and carryover of corn in the United States.

 

the new forecast of experts, the USDA increased compared with the March report of acreage under corn for 1,102 million acres to 89,128 million acres, which is 566 thousand acres exceeds average expectations, however, by 1.39 million acres lower than in the previous year.

 

corn Stocks are 134,77 million tonnes, which is 40.4% less than it was on 01.03.18, but 1.4% more than remained at 01.06.17.

 

in Spite of bearish USDA report and a weekly reduction of exports by 16.1% to 1.48 million tonnes of futures on corn grew by 1.5%. Opening funds 46281 new short positions testifies to the aspirations of the raiders on the growth of corn prices in the near future.

 

Supports prices, which according to traders had reached the low, hot and dry weather in the corn belt of the USA and the lack of precipitation in the forecast for next week.

 

Brazil thrashed only 9.5% of the area of maize against 16.2 percent last year and 13.3% on average for 5 years.

 

on Thursday, the European Commission has left unchanged the forecast of production of corn for grain at the level 63,95 million T.

 

After the price of wheat August corn futures on Euronext rose to 165 €/t or to 192.2 $/t

 

heavy rainfall that weekend were held in all regions of Ukraine, will have a positive impact on corn crops.