CBOT corn prices were supported by slow corn harvesting in the USA


Last week (October 19-26), CBOT corn prices gained 0.4%. The US and Argentinean corn spot prices (November delivery) remained at the previous week’s level, while Brazilian supply prices lost USD 2/MT, reports UkrAgroConsult.

In October-November 2016, the US traders were forced to reduce export prices significantly compared to other origins due to the record corn crop in the 2016/17 season. Corn production in 2017 is expected to be lower than last year, but currently record crop in the countries of South America hinders the growth of export prices.

Last week the technical factor and slow corn harvesting in the USA supported CBOT futures. By October 22, the US farmers had advanced to 38% of the plan compared to the five-year average at 59%. The support was also provided by good weekly data on the US corn export contracting.

corn cme

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