Corn prices are rising support for the wheat market
After the price of wheat March corn futures in Chicago rose 0.6% to 142,4 $/ton, the highest level of the last 5 months.
Traders worried about dry weather in Argentina, where in addition to the lack of rainfall may increase the temperature to 36-38 degrees, which will adversely affect pollination of corn.
Experts predict Radiant Solutions for the next decade of low rainfall and high temperature in the South of Brazil that will harm the development of soybeans and corn.
After the recent drop in corn prices on Euronext rose to 151,75 €/t 188 or $/t. However, further growth will be limited by the high exchange rate of the Euro against the dollar, competition from feed wheat and intensified corn imports to Europe, in particular, of Ukrainian origin.
Ending stocks of corn in China in 2017/18 MG reduced in comparison with the previous season, 21.2 million tons to 79.5 million tons, which will lead to the expansion of imports.
In Ukraine corn prices are rising, in particular due to increased demand from China. Since the beginning of the week the purchase prices at ports rose by 1-2 $/MT to the level 161-162 $/t or 5350-5400 UAH/t
the Strengthening of the national currency reassured the market, and the decline of UAH purchase prices stimulates sales. Building supplies due to increased demand from China and the strengthening of the Euro, which will increase grain exports to Europe even with the fees.