CBOT corn prices went down 3% pressured mostly by weather factor

28.03.2018

Over the period under review (March 15-22), CBOT corn prices went down 2.7%. The US corn spot prices lost USD 4/MT FOB. Argentinean corn supply quotations fell by USD 7/MT (April delivery), reports UkrAgroConsult.

The weather factor pressured corn prices the most - rains in the US Corn Belt, which will contribute to the accumulation of moisture reserves before the sowing campaign in the country. In the Midwest, mass sowing will begin in early April. Large amount of precipitation was noted in the eastern part of the Midwest and even more rains were forecasted for the weekend.

Rainfalls in the northeast of Argentina will have a positive effect on corn plants, which were affected by the drought. Harvesting has advanced to 13% of the intended area (11% in 2017). Experts of Rabobank lowered corn production forecast in Argentina by 3.5 MMT to 33 MMT (Rosario Grain Exchange - 32 MMT, USDA - 36 MMT).

Check up prices and enjoy free online charts on our website. Daily updated commodity exchange prices (CBOT, ASX, BCE, MATIF, WCE, LIFFE) and cash market quotations for wheat, corn, barley, soybean, sunflower and other agricultural commodities in Ukraine, Black Sea region and world are available in section "Prices and Futures".

 

UkrAgroConsult

 

 

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