Corn prices again ended the week with drop

the corn Futures in Chicago after the rapid growth caused by the publication of the USDA report and dissemination coronavirus around the world, on Friday sank to the level of the previous week.

Coronaviruses Covid-19 are already sick more than 70 thousand people, of which 1770 died. In China's Hubei province has been quarantined for 60 million people, who are forbidden to leave their homes and to use the road, and for violation of the quarantine law could face the death penalty.

experts expect that the strict measures the Chinese authorities will stop the spread of the virus, but so far the statistics do not confirm the predictions. Chinese biologists believe that the new coronavirus was bred in the laboratory of Wuhan city, which studies coronavirus bats is located 300 m from the market, where was discovered the first case of the disease.

the Asian buyers are not too active because they see the corn of the new harvest from South America, which reduces the pace of corn exports from the United States. Competition American and black sea corn in the coming months will enhance the proceeds of the crop from Argentina. Since the beginning of the season, the United States exported 23.7 million tonnes, which is significantly inferior to 37.3 million tons, implemented on this date last year.

Ukraine per week exported 785 thousand tons of corn, and since the beginning of the season to 17.6 million tonnes, which is 21% higher than the previous season.

Prices demand for Ukrainian corn fell to 178-179 $/t FOB for shipments in March-April, although the sellers are asking for it 180-181 $/t FOB. Remains high demand from China, Egypt and Tunisia, but the bid price was also much lower than the price proposals.

the Market has supported the news about China's purchase of 200-500 thousand tons of corn for March delivery at a price 180-182 $/t FOB or 214-215 $/t C&F.

the Algerian State Agency, ONAB purchased 35 thousand tons of Ukrainian corn for March delivery at a price 194,75 $/t CFR, which corresponds to 179 $/t FOB.

Competes with Ukrainian Romanian and Bulgarian corn, which is offered at 168 €/t, which corresponds to 182 $/MT FOB Constanta or Varna.

In the markets of Turkey and Egypt intensified competition from the Russian corn exports for the week amounted to 106 thousand tons and since the beginning of the season reached 2.1 million tons, which is 32% higher than last year.