Corn prices fall under pressure from new crop
during the week the price of corn in Chicago declined under pressure from forecast USDA and news about improving weather conditions in Brazil, where sown with maize for the new harvest.
December futures for corn dropped 1% to 133,2 $/ton amid falling weekly pace of corn exports up to 375.9 thousand tons.
the Demand for corn from producers of ethanol remains stable.
the Pace of harvest accelerated until threshed 83% of areas, compared to 91% on average for 5 years.
because of the decline In corn prices funds opened a record number of exchange contracts, whereby the corn market received some support.
corn prices are also falling under pressure growth of production. For France, estimates of the average yield increased from 9.32 to 9.56 t/ha, and the forecast of gross yield increased by 0.1 million tonnes to 13 million tonnes, although it is likely that he actually will become big. In Germany, the Association of agricultural producers has increased the forecast of corn production to 4.37 million tonnes, which is 9% higher than the figure recorded last year.
In Ukraine corn prices continue to decline and are currently at the port are 145-148 $/t. the strengthening of the hryvnia has led to a significant drop in purchasing hryvnia prices over a week down in port 4700-4750 UAH/t to 4500-4650 UAH/t