CBOT corn prices increased 1% last week supported by weather in South America


Over the period under review (January 11-18), CBOT corn prices increased 0.7%, reports UkrAgroConsult.

The weather in South America, which offset the negative impact of bearish USDA report, appeared to be the main bullish driver. South American analysts reported a possible loss of 3.7 MMT of Argentinean corn of the 2017/18 season crop due to the damage caused by dry weather in December and January.

The price growth was limited by the publication of January USDA report, as well as by the report on grain stocks in the USA, as of December 01. According to updated data of the USDA, in the 2017/18 season, the world's corn final stocks will reach 206.57 MMT (+2.49 MMT to December estimate) due to their upward adjustment for the USA and Brazil. corn

The USDA also published a new estimate of average corn productivity in the USA in 2017, which became a new record and raised the US corn production forecast by 0.67 MMT to 370.96 MMT. At the same time, contrary to market expectations, production estimates for Brazil and Argentina were not lowered and remained unchanged.

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