Report on crops in the United States lowered the price of corn
Last week, corn prices rose against the background of the forecast precipitation, which prevent to complete sowing. July futures for corn for the week rose by 11% to 184,2 $/t in December – to 185,4 $/t
Traders expected data on the condition of crops on June 17, since that date was the last opportunity to doceat corn. Analysts had estimated acreage of corn in 90-95%.
According to the USDA NASS report, as of June 17, corn was planted 92% of the planned areas, and shoots were obtained on 79% of the area compared with 100% and 97% respectively on average for 5 years. In good or excellent condition are 59% of crops compared with 78% in average of 5 years.
data On a report released after the close of trading, the market will react today, but some traders took profit, for which futures in electronic trading fell by 1.6% to 181,3 $/t
Precipitation in the East, Middle West, where corn is still not planted, will keep the market in suspense because of problems with condition of crops.
In anticipation of further growth of prices on corn funds on Friday increased the number of long positions on 111 thousand contracts.
For the week, corn exports from the U.S. decreased by 23% to 653,9 thousand tonnes, 1 million tonnes lower than in the previous year. Since the beginning of the season exported 40.8 million tons of maize, whereas on this date in 2018, the figure was 42.6 million tons.
High water level in the Mississippi is delaying the transportation of grain by barge and reduces the rate of export through the ports of new Orleans.
Ukraine per week reduced corn exports by 16% to 433 thousand tons.
the EU is actively buys corn, and the week imported 355 thousand tons and since the beginning of the season – 23 million tonnes, 35% more than last year. Ukraine is the largest supplier of corn to the EU, having increased for a year supply almost doubled to 14.9 million tonnes, the Second place is Brazil, which has put the EU 3.9 million tons of maize, which is 24% less than in the previous season. The drought in Spain will lead to increased imports in the period, while France will begin delivery of their own crops.