Corn prices were frozen in anticipation of the USDA report

2018-12-11 12:06:42
Machine translation
Corn prices were frozen in anticipation of the USDA report

in anticipation of the release of a new report USDA the corn futures in Chicago remain at 151 $/t

 

Traders expect the crop forecast, and corn ending stocks in the United States will be reduced.

 

corn Exports from the U.S. for the week decreased by 17.6% to 876,3 million tonnes, which is 22% higher than last year. And the total exports since the beginning of the season reached 15.1 million tonnes, which is 75.5 percent higher than last year.

 

Prices supported the news about the intention of Mexico to purchase of 1.64 million tonnes of corn.

 

the Greatest interest is the balance USDA corn to China, as in the previous report were significantly increased residues. The Ministry of agriculture of China has increased import forecast of corn in 2018/19 Mr from 1.5 to 2.5 million tons due to increased feed intake and reduce imports of sorghum and barley from Australia.

 

the EU is stepping up the purchase of corn, and over the last week imported a record 710,8 thousand tons, which is 2.5 times the average weekly volume of export over the past 15 years.

 

Since the beginning of the season, the EU imported 9.1 million MT of corn, which is 37% higher than last year and 71% higher than the average three-year indicator. Ukraine exported to the EU and 3.9 million tonnes of the grain, Brazil is 3.2 million tons.

 

According to the Agency Conab, production of corn first and second crop in Brazil in 2018/19 MG will be 90,95 million tonnes, 12.6% or of 10.16 million tons will exceed the crop of last year and will increase corn exports by 34.8% to 31 million tons.

 

Ukraine since the beginning of the season exported 6.3 million tonnes of corn, although in the last week reduced its export by 31% to 507 thousand tons as of December 7, with 98% of the area harvested 34.5 million tonnes of corn with a yield of 7.72 t/ha, which is 1 MMT higher than the USDA forecast in November.

 

the price of Ukrainian corn in the port remain at 153-154 $/t for deliveries in December and 154-155 $/t for deliveries in January.