CBOT corn prices lost 2% pressured by high US corn yield

21.11.2017

Over the period under review (November 09-16), CBOT corn prices lost 1.46%. The US corn (December delivery) cheapened by USD 1/MT FOB.

A record high yield of the new-crop corn in the USA, as well as its low exports compared to last year were the main CBOT bearish factors, reports UkrAgroConsult.

Last week harvesting progressed by 13% reaching 83% of the plan (92% in 2016, 91% - the five-year average). From the beginning of the season to November 09, the pace of actual corn shipments and its contracting lagged behind last year’s rates by 26% (20.3 MMT compared to 27.6 MMT). The significant gap was noted in actual shipments - 6.1 MMT compared to 10.3 MMT.

 

UkrAgroConsult

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