Corn prices under pressure
news about the revitalization of exports in the first trading day of the corn futures in Chicago rose by 1-2 cents. According to the USDA, corn exports for the week increased in comparison with the corresponding period of 2016 by 7% to 683,9 thousand tons.
Traders worried about delayed planting of corn in South America caused by adverse weather. The current rate of planting corn in Argentina were the lowest in history. Although during the week, planting was accelerated by 15.9%, while seeded only 61% of the planned areas.
during the next weeks in the South of Brazil, Argentina and Uruguay soil moisture will decrease through the high air temperature and lack of rainfall during pollination.
the price of corn in the U.S. supports increased use of grain for ethanol production. USDA reports that of used in industrial production in November, 13.3 million tons of corn over 12.1 million tons went to ethanol production, which is 1.2% higher than in October 2017 and 5.2% rate of November 2016
yesterday the European Commission increased the forecast of corn production in Europe from 62,2 to 64.6 million tonnes against the background of the Euro, which continues to strengthen, it will increase pressure on prices. Now the January futures for corn fell 3.25 €/t up to 151.5 €/t or 182,3 $/t