Corn prices are falling due to forecasts of increasing harvest in Argentina

2020-01-17 12:08:26
Machine translation
Corn prices are falling due to forecasts of increasing harvest in Argentina

Following the wheat market yesterday, corn prices fell under the pressure of increased harvest forecasts of corn in Argentina.


After a strong rain, which were held in major regions of Argentina and has improved the moisture of the soil and the state of soybeans and corn, farmers have resumed planting. At the moment soybeans planted 97% of corn and 91%.


the Experts of the Board of trade of Rosario has increased the forecast of the corn crop in Argentina in 2019/20 MG to 49 million tonnes, 2 million tonnes greater than the estimate of December, but 2.5 million tons lower than in 2018/19 Mr.


due to the lack of rain at the start of the planting season yield losses of corn in 2019/20 Mr could be 5-10 million tons the Improvement in crops has increased export sales by producers of corn of the new harvest, which increases competition with American grain, particularly in the Asian markets.


the corn Futures in Chicgo yesterday fell by 2.9% to 148,58 $/tonne, despite a recovery in export sales.


the week USA increased export sales of corn tripled, to 784,7 kt, although YTD sales amounted to 19 million tons compared with 32 million tons at the same date last year. The volume of shipments since the beginning of the season is 9,434 million tonnes, which is twice lower than the previous year.


In Ukraine after the long weekend recovering shopping activist and an increasing number of proposals from the manufacturers. Traders are actively buying corn at the port at 168-170 $/t or 4750-4800 UAH/t


the Fall of corn prices in the United States puts pressure on prices of offers of Ukrainian corn, which rose to 180-184 $/MT FOB for deliveries in February and March and exceeded the prices of U.S. corn, which is offered for 175 $/MT FOB US Gulf.


last season the main buyer of Ukrainian corn was the EU, which in Potocnica season, increased purchases of Brazilian corn that Ukraine has to look for new buyers.


According to APK-inform, from the beginning of the 2019/20 MG Ukraine has increased compared to last year corn exports to the countries of the MENA 2.6% to 2.8 million tonnes.


Egypt for 3 months of the current season increased compared to the previous MG corn imports from Ukraine 3.7 times to 1.1 million tons, Turkey – 3.9 times to 541 thousand tons, and Iran have acquired 237 thousand tonnes of domestic corn, although last season did not buy it.


Traders expected growth of demand for Ukrainian corn from India and China, however, the recent promise to increase the purchase of grain in the United States may reduce deliveries from Ukraine to China.

Visitors’ comments (0):