After wheat rising corn prices
the Rapid growth of the prices of wheat have supported nearby corn market.
Stress for crops of corn worsens drought in the EU. In France the crops are in the flowering stage, however, suffer from a lack of moisture in the soil.
According to FranceAgrimer, the number of crops in good or excellent condition for the week decreased from 71% to 66% vs. 79% on the same date in 2017. Projected future heat can aggravate the condition of crops.
- the November corn futures on Euronext rose for three weeks with up to 174 195,5 €/t or 226,2 $/t
According to the monitoring data USDA, in good or excellent condition are 71% of corn, Odie last week there were 725 a year ago – 60%.
Experts of Informa Economics left the average corn yield in the USA in 2018 at 176 bushels/acre and the crop at 14,392 billion bushels, which is slightly higher than the June forecast by the USDA at 174 bushels/acre and 14.23 billion bushels, respectively.
- Following the rapid growth of the neighboring wheat market September corn futures in Chicago rose for three weeks by 8.5% to 152 $/t
the price of domestic corn in the port in October rose from 165 to 178-180 $/t despite the increase in forecast production to 30 million tons due to favorable weather conditions.