CBOT corn futures gained 1% last week
Over the period under review (March 30 - April 06), CBOT corn prices gained 0.9%, reports UkrAgroConsult.
The price growth in Chicago was triggered by publication of the USDA WASDE report on quarterly stocks and agricultural crops planted areas in the country. During spring sowing the US corn acreage is likely to decrease by 4.3% compared with 2016 to 89.996 million acres, despite strong demand from world importers.
The reason is its high stocks (as of March 01, 2017 - 8.616 billion bushels, or + 10% year-on-year). This planted area estimate appeared to be below average expectations of market operators - 90.97 million acres.
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