Corn prices in Chicago continue to grow
on Tuesday, corn prices in Chicago rose to 151 $/t after a minor correction yesterday, due to a lack of confirmation from China's lifting of the ban on the import of agricultural products from the United States.
corn Processing for ethanol in the United States for the first time in 2016 declined and was 1.8% less than in the previous year.
While the pace of corn exports exceed last year's. From 1 September the United States exported 14.2 million tons of corn against of 7.89 million MT in 2017, Active demand buyers from Mexico and Asia supported prices at a high level.
Brazil is also accelerating the export of corn. In November exported 4 million tons, which is 24.8% more than in October and 12.7% last year. In General, the year exported 20 million tons of corn, 6 million tons lower than the level of last year.
In Ukraine, 96% of the area and produced 33.8 million tons of maize, of which at the end of November exported 5.1 million tonnes, more than double last year's pace.
due to the lower demand, the price of Ukrainian corn in the port dropped from 154 to 152-153 $/MT, but rising prices of U.S. corn will support quotations of the domestic corn, which is now the cheapest in the world market.
Experts Coceral increased in comparison with the October report, the forecast of corn production in the EU of 1.6 million tonnes to 60.5 million tonnes of corn, which almost corresponds to last year. For this, the EU can reduce the import of corn, which USDA estimates at 21 million tons.
the January corn futures on Euronext rose to 173 €/t or 196,1 $/t