Corn prices fall on the predicted increase in sowing areas in the United States

corn Prices are under pressure falling markets wheat and soybeans, which today will increase after the publication of the March USDA report forecast acreage estimates and reserves.

Yesterday on the Chicago CBOT soybean futures fell 1.9%, and wheat by 2.6%, followed by the prices of corn fell by 1.7% to 211,7 $/t In the last weeks of the may wheat futures fell by 10%, soy – 5.5%, while corn – 3% due to good export demand and the expectations of data on harvest in Argentina and sowing in Brazil.

According to analysts, in today's USDA report the estimation of area under corn in the United States in 2021/22 Mr will increase in comparison with the previous report from 92 to 93,1 million acres, resulting in a forecast of corn production will rise to a record 390-392 million tons Recall that last year, experts from the USDA surprised the market forecast sowing maize at 97 million acres, which led to a collapse in prices, although actually turned out to be strewn with only 90,8 million acres or 36,77 million hectares.

In Ukraine, export demand price of corn fell in the port to 243-247 $/t or 7750-7950 UAH/t, followed by refiners have reduced prices to 7500-7600 UAH/t with delivery to the plant.

the Decline in wheat prices to the level 7200-7400 UAH/t is forcing processors to replace the street corn is much cheaper feed wheat that in the short term to increase pressure on corn prices.