Corn prices are awaiting the next USDA report

corn Prices in Chicago remain under pressure increase of the forecast of the corn crop in the United States on the one hand and rising demand for corn from exporters and ethanol producers. December futures fell by $2/t and is trading at 143,38 $/t

Powerful precipitation in the corn belt of the USA has delayed corn harvesting. As of 5 October it was threshed 34% of the area, there is good productivity. Improved weather conditions this week will intensify the collection. Data on exports of maize show a further increase in the rate of export. Last week it was exported 1.35 million tonnes of maize, which corresponds to the level of the previous week, but almost two times higher than in the corresponding period last year. 4 days of new marketing year exported 5.8 million tons, which is 62% higher than the previous season.

Experts expect that the US administration will be obliged to use ethanol in gasoline throughout the year, which will increase the demand for corn from manolovo industry.

Before leaving the next balance of supply and demand, the USDA, the Agency, The Wall Street Journal has collected the average expert assessments of production and residues of maize in the United States, according to which corn yield will grow to in 181.8 bushels/acre against 181,3 bushels/acre in the September USDA report and 176,6 bushels/acre in 2017. This will lead to increased production compared to last year 370,9 to 377,2 million tonnes (against 376,6 million tons predicted in September) and growth of corn ending stocks.

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