The futures prices of corn in the U.S. dropped for low sales
Yesterday's slight increase in the market prices of indices and stocks, as well as a slight increase in oil prices failed to support the price of corn, which refrained from a substantial drop on Wednesday, when the soy complex has fallen by 2.5-3.5%, however, fell yesterday under pressure of data on minimum levels of sale last week.
the December corn futures in Chicago fell yesterday by 2.4%, but by the end of the trading session recovered to 142,6 $/t with the support of the growth of stock indices. Over the past week, sales of us corn exports fell 8.6% to 349,5 thousand tons of Sales were more, but the frustration brought cancellations of contracts for the supply of 164.5 thousand tons to South Korea and Vietnam.
the Growth of daily production volumes of ethanol from corn in comparison with last week by 1.2% to 1,024 million barrels became the support price for corn.
a Little rain this week, continue to hinder the harvest of corn in the U.S., but traders take into account the forecast of prolonged rain in the corn belt next week that could suspend the collection and increase the downside risks to the yield and quality of maize.
In Ukraine this week were a little rain, which slowed down the harvesting of corn. However, already Monday in Ukraine at least 7-8 days back dry and warm weather, which will contribute to the completion of the harvesting of corn.
corn Exports since the start of this season has exceeded 2.5 million tons compared to 2.2 million tonnes in the same period last year.
Falling purchase prices for corn has slowed and the growth rate of the dollar against the hryvnia on the interbank market has somewhat strengthened the hryvnia purchase price.
the international Grains Council (IGC) increased its forecast for world wheat production to 9 million tons, but the forecast corn production was left unchanged 1.074 billion tons.