CBOT corn prices gained 0.3% last week

20.03.2018

Over the period under review (March 08-15), CBOT corn prices gained 0.26%, reports UkrAgroConsult.

The market was supported by high US corn export contracting, which export prices are now quite competitive against the backdrop of low supply from South America and the price growth in Ukraine. The situation development in wheat market limited the further price strengthening last week.

Corn production estimates in Argentina continue to decline due to the drought, which provides an additional support to prices. Rosario Grain Exchange lowered the forecast from 35 MMT to 32 MMT (USDA: 36 MMT). 31% of plants are at the stage of maturation, 8% of corn have been gathered from fields (10% in 2017).

Brazil will enter the world market with a new-corn crop in August, which will complicate the struggle for markets for the 2018/19 season crop for the US and Ukrainian exporters. Currently, farmers harvest the first crop (24%), which is destined for domestic consumption, and complete sowing of the second crop.

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UkrAgroConsult

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