Corn prices continued to decline

2018-05-14 13:07:38
Machine translation
Corn prices continued to decline

on Friday, the July corn futures in Chicago fell to of 155.6 $/t Despite the bullish fundamental factors, the price of corn for the week lost 2.4 percent.

 

corn Exports from the U.S. in the current marketing year reached the average level and amounted to 91% of the forecast USDA for the season 2017/18.

 

Funds increased long positions at 25755 deals to 211.8 thousand contarct, which indicates that speculators expect prices to rise.

 

Taiwan's MFIG operator on a tender on may 10, acquired from Louis Dreyfus 65 thousand tons of feed corn produced in the USA and Brazil at the price of 228 $/t C&F.

 

At the same time, the Taiwanese manufacturer of animal feed MFG to tender for the purchase of 70 thousand tons of feed corn has rejected all proposals due to too high price. Processors hope for lower prices after the market entry of newly harvested corn from Brazil.

China continues to sell corn from state reserve, but on Friday it managed to sell  only 36.4% of the declared sales volume, which amounted to 1.5 mln tons.

 

the Demand for Ukrainian corn fell after the price falls the demand for FOB to 198 $/t after the falling prices for Argentina FOB up to 190 $/MT, Brazil – up to 200$/t, US – up to 190 $/t

 

the Volume of shipments of corn from Ukraine for the week decreased by 47% to 258 thousand tons.