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New crop corn in Argentina weighs on prices

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March corn futures in Chicago rose 1.3% to 148,8 $/t on expectations about the settlement of a trade dispute the U.S. and China and against the background of increasing ethanol production in the United States.

According to the EIA, ethanol production in the U.S. last week rose by 62 thousand barrels to 1,029 million barrels/day, and the remainder decreased by 481 million barrels to 23,466 million barrels.

the Market has supported trump’s promise not to impose duties on Chinese goods, not to prevent the signing of a trade agreement between the countries.

corn Prices in Ukraine declined slightly due to increased sales of manufacturers and the uncertainty with export potential in April and may.

the price of domestic corn for March delivery is 178-180 $/MT FOB, while for deliveries in April – may they were reduced to 175-176 $/t FOB.

increasing forecasts for corn production in Argentina to 46-48 million tons compared with 32 million tons in the previous my, the prices for April delivery of the Argentine corn continue to decline.

Purchase of South Korean refiners of corn from South America, with delivery in June at a price 205,74-206,96 $/t CFR indicates the willingness of the Argentine sellers to lower prices to enhance sales. Was previously cancelled a tender where the lowest bid price was 210 $/t CFR (U.S. corn). The increase in the supply of Argentine corn in April, will strengthen competition and buyers from the EU and Asia.

Good rainfall in the territories planted with corn in South Africa, will improve the condition of crops and yield, reduce the amount of required import of corn.

https://graintrade.com.ua

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