The USDA report may support corn prices
In Chicago on Tuesday and Wednesday, the corn futures rose slightly in anticipation of the report USDA. Experts estimate the corn production in the United States in the new Mr within 13,921-14,604 billion bushels, and the average rating is 14,091 billion bushels against 14,604 billion bushels in 2017. Analysts have lowered the forecast of global carryover stocks of corn is 2.6 million tonnes to 195,18 million tons.
it is Expected that in the may WASDE report will be reduced the forecast of world production and stock levels of maize in the new season.
due to continuous drought USDA can reduce the forecast corn production in Argentina to 700-800 thousand tons, and in Brazil by 3 million tons.
In Ukraine, the price of maize at the port dropped to 186-188 $/t or 5800-5950 UAH/t due to the reduction in demand from traders who almost implemented a program for the export of corn, and a reduction of trade activity due to the holidays.
Weekly maize exports decreased by 13% to 301 thousand tons
Manufacturers are engaged in the sowing campaign, so not in a hurry to sell the corn of the old crop, waiting for higher prices.