CBOT corn prices decreased slightly last week

25.04.2018

Over the period under review (April 12-19), CBOT corn prices decreased (-1.7%). In the spot market, the US corn price lost USD 4/MT. In Argentina, prices fell by USD 3/MT with May delivery, report UkrAgroConsult.

Fears about corn sowing in the USA decreased slightly following the forecasts of improving weather conditions.

Corn harvesting in Argentina also pressured the prices. Some 30% of corn has been harvested (24% - the five-year average, and 23% in 2017). Last week, rains did not significantly improve crop conditions – about 83% of crops suffered from the acute shortage of soil moisture.

Drought spread in the Brazilian state of Parana, and corn of the second crop suffered from drought. Only 9% of crops entered the pollination stage. Market experts expected a reduction of crop forecast in the May USDA report. The first crop harvesting has been 72% completed.

The further reduction of CBOT prices was limited by a quite high corn export contracting by the USA over the week (1594 KMT) that was 48% more than over the same week last year. The US export forecast for the entire season is 87% complete. At the same time, Asian importers are switching their attention to corn for delivery in July-September, the price for which is not as high as current spot prices.

Check up prices and enjoy free online charts on our website. Daily updated commodity exchange prices (CBOT, ASX, BCE, MATIF, WCE, LIFFE) and cash market quotations for wheat, corn, barley, soybean, sunflower and other agricultural commodities in Ukraine, Black Sea region and world are available in section "Prices and Futures".

 

UkrAgroConsult

 

Readers choice: TOP-5 articles of the month by UkrAgroConsult