CBOT corn prices strengthened slightly supported by strong US corn exports


Over the period under review (August 24-31), CBOT corn prices strengthened slightly (+0.06% per week). In the spot market, export prices for Argentinean, Brazilian and US corn (September-October delivery) gained on average USD 1-2/MT, reports UkrAgroConsult.

In Chicago, the futures were supported by strong US corn export data for the week (August 17-24). The sales of old and new-crop corn reached 992 KMT, which exceeded the market expectations. Actual shipments since the beginning of the 2016/17 season are much higher than last year – 54.7 MMT (45.6 MMT over the same period last season). Nevertheless, the market was concerned about the low contracting of corn as for the reporting date – 2.04 MMT against 4.5 MMT last year.

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