The price of corn falls under the pressure of falling markets of wheat, and soybean oil

Yesterday's sharp fall in the markets of wheat and soybean oil under pressure to increase the sentences of the new crop have led to lower prices for corn, which still remained at a high level, supported by active export demand.

May futures for soybean oil on the Chicago CBOT yesterday decreased by 4.5% to 1205 $/t, and that of wheat by 1.3% to 225 $/t, followed by the may corn futures fell 1.2% to 214,7 $/t

According to a weekly report from USDA export sales of US corn for the week sharply increased to 4.6 million tonnes (through the sale of the party of 3.89 million tonnes to China), and from the beginning of the season amounted to 65 million tons, which is twice higher than the corresponding figure of last year and almost the same of the export forecast for the current season.

the Actual export of maize from the United States for the week was quite high the 2 million tons, but only in the season reached 32 million tonnes, which is 88% higher than the corresponding figure of last year.

the price of corn of the old crop remains high, but the demand starts to decrease due to the increase of the proposals of wheat has a lower price. In the event of a further decline in prices for wheat, corn will start to fall earlier than analysts expected.

the forecast IGS, in 2021/22 MG world production of maize will increase in comparison with the current season of 4.7% to a record 1193 million tonnes.

In Ukraine, the purchase price of corn fell yesterday to 248-250 $/t or 7900-7950 UAH/t, but 10-15 $/t exceed the price of milling wheat. The demand for corn is insignificant and in the case of increasing sentences Argentine corn, which is collected only 7% of the area, the pressure on corn prices in Ukraine will increase.