The price of corn is rising again
Yesterday's report the USDA reduced the number of corn crops in good or excellent condition by 1% to 64% compared to a week ago, against 76% in 2016 of the High temperature predicted in the "corn belt" during pollination can reduce yield potential, so traders took the factor of weather as a major in the rising prices.
Corn prices in Chicago yesterday rose by 1.67% to 150,09 $/t Support was improved weekly export to 1.11 million tonnes compared to 1.01 million ton the week before.
the Main competitor of U.S. corn exports is Brazil, which also increases exports and for the first two weeks of July were exported 620тис.tons, which is 65% higher than the same period last year. At the moment already collected more than 35% of the winter maize crop and updated the forecast of the exporters ' Association Anec, Brazil in the season 2017/18 can export 30 million tons of corn, although the official forecast only 28 million.
rising supply from South America puts pressure on prices. Including Ukrainian corn forward price over the past week decreased from 156 to 148-152$/ton with delivery in October.