CBOT corn prices grew 4% last week supported again by weather factor

12.04.2018

During March 29 - April 05, CBOT corn prices grew by 4.28%. The US corn spot prices rose by USD 7/MT FOB, while Argentinean corn gained USD 3/MT (April delivery), reports UkrAgroConsult.

The price increase was triggered by the weather factor. Market operators were concerned about the unusually cold temperatures in the USA for this period. A record amount of snow fell in some parts of the Corn Belt, while showers were observed in other regions, which slowed down corn sowing. The market was afraid of even more significant reduction of sowing area for the 2018/19 crop than forecasted by USDA.

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UkrAgroConsult

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