Favourable weather in the US lowers corn prices

In the next 7-10 days in the corn belt of the USA will be dominated by warm and dry weather, which will contribute to the pollination of corn and development of soybean crops.

late sowing of the crops of soybeans and corn are growing very slowly, therefore, their maturation takes more time. According to NASS USDA as of July 29, sokobanja of corn is fixed at 58% of the area compared to 90% last year and 83% on average for 5 years. The amount of corn in good or excellent condition, a week increased by 1% to 58%, while a year ago the figure was 72%.

corn Prices are falling under the pressure of weather conditions and due to the closure of traders long positions, the number of which for a week has decreased on 34,044 thousand to 153,216 thousand contracts.

the September corn futures fell to 162,9 $/t in December traded at 167,16 $/ton, although during the auction they grew on the predictions of heat and drought in the Midwest.

corn Exports from the U.S. last week increased by 47,1% to 645,3 million tonnes, of which one vessel, shipped to China, some supported stock prices.

to boost export of Latin American maize in South Asia, almost stopped shipments from the Pacific coast of the United States. Significant demand on supplies of corn in September-October might affect the markets American and Ukrainian corn, which will begin to harvest in October.

prices of Brazilian corn remain at 174-175 $/t FOB.

In Ukraine, for the corn of the new harvest in the port offer 167-168 $/t, which corresponds to 180 $/t FOB.

Cool weather with little precipitation contributes to the development of the maize crop in Ukraine, which could lead to an increase in the forecast of production, as it was last year.