Corn prices in Chicago have resumed falling
Yesterday in Chicago corn prices fell 2.1% to 146,9 week low of $/t
the Reasons were the devaluation of key South American currencies, the increase in forecast acreage under maize in the USA and the decrease in ethanol production.
the Daily fall of the Argentine peso by 3% BRL 2% was the main factor of pressure on the price of corn. It has not yet affected prices in the physical markets of South America, but farmers are already preparing to lower prices for increased sales.
beat the prices struck a new survey of independent experts by Reuters, predict the second corn crop in Brazil in 2019 at the level 66,22 million tonnes, which is 22.9% higher than the figure recorded the year 2018. Production increases due to extension of cultivated areas by 4.8% due to early harvest of soybeans, and favorable weather during planting.
According to the weekly EIA report, daily ethanol production in the U.S. fell by 29 thousand barrels to the lowest since the beginning of February level 975 thousand barrels as a result of the floods, which prevent the supply of corn and ethanol on plants.
compared to the previous year residues of maize in the United States as of March 1 has decreased from 225,85 to 211,7 million tons and acreage will increase from 89,129 to 91,18 million acres.
In Ukraine, the price of maize remained unchanged, although due to the strengthening of the dollar UAH purchase prices increased by 25-50 UAH/t