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    Home > Food News > Food Articles > Global food market: Corn prices continue to rise to limit demand growth

    Global food market: Corn prices continue to rise to limit demand growth

    • Last Update: 2021-03-18
    • Source: Internet
    • Author: User
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    Foreign media news on February 20: In the week ending February 19, 2021, foodmate.
    net/tag_2496.
    html" class="zdbq" title="Price related food information" target="_blank">prices in the global food market rose moderately to limit further growth in demand.
    foodmate.
    net/tag_1222.
    html" class="zdbq" title="U.
    S.
    Department of Agriculture related food information" target="_blank">US Department of Agriculture is expected next year foodmate.
    net/tag_2463.
    html" class="zdbq" title="U.
    S.
    related food information" target="_blank">US foodmate.
    net/tag_2319.
    html" class="zdbq" title="Corn related food information" target="_blank">corn acreage increased, but corn prices remain high; uncertain corn production prospects in South America, Russia and Ukraine to limit foodmate.
    net/tag_601.
    html" class="zdbq" title="Cereal-related food information" target="_blank">grain foodmate.
    net/tag_227.
    html" class="zdbq" title="Export-related food information" target="_blank">exports , but also for feed, including maize, foodmate.
    net/tag_1117.
    html" class="zdbq" title="Food price related food information" target="_blank">food prices constitute support grid.
     
      On Friday, the Chicago Board of Trade (CBOT) May 2021 corn futures rose by approximately 5.
    25 cents from a week ago to close at 541.
    75 cents per cat.
    Meiwan No.
    2 yellow corn was quoted at 618.
    25 cents per cat, up 7.
    5 cents from a week ago.
    The corn futures for delivery in June 2021 on the EURONEXT exchange closed at about 218.
    25 euros/ton, an increase of 4.
    75 euros from a week ago.
    The spot price of Argentine corn in Shanghe was US$248/ton, up US$3 from a week ago, FOB price.
    The Dalian Commodity Exchange's May corn futures closed at 2,815 yuan/ton, up 42 yuan from a week ago.
     
      International crude oil futures were up and down this week.
    Among them, the March 2021 WTI light crude oil contract on the New York Mercantile Exchange (NYMEX) closed at 59.
    24 US dollars per barrel, down 0.
    23 US dollars or 0.
    39% from a week ago.
    The global benchmark Bren Special April crude oil futures closed at US$62.
    91/barrel, an increase of US$0.
    48 or 0.
    77% from a week ago.
    Texas Energy Company is preparing to restart oil and gas fields that have been closed due to freezing weather and power outages, putting pressure on oil prices.
    The decline in US crude oil inventories provides some support.
     
      On Friday, the US dollar index closed at 90.
    34 points, down 0.
    2% from a week ago.
     
      U.
    S.
    corn planting area will reach 92 million acres in 2021/22
     
      The USDA forecasts a positive outlook for agricultural prices in the coming year at the annual Agricultural Outlook Forum held on Thursday and Friday.
    US agricultural exports in 2021/22 will reach a record 157 billion U.
    S.
    dollars, of which exports to China are expected to be 31.
    5 billion U.
    S.
    dollars.
    US corn exports in 2021/22 will continue to grow because of strong demand from the Chinese aquaculture industry, but the US Department of Agriculture has not yet released specific export forecast data.
    The U.
    S.
    Department of Agriculture predicts that the average annual price of corn in the United States for 2021/22 will be US$4.
    2/bus (equivalent to US$165.
    35 per ton), which is only 10 cents/bus lower than the average price of 2020/21, although US corn production is expected to be A substantial increase.
     
      The total sown area of ​​soybeans and corn in the United States in 2021/22 will reach 182 million acres (73.
    653 million hectares), of which corn sown area will reach 92 million acres (37.
    2 million hectares), an increase of 1.
    2 million acres year-on-year; soybean sown area will be 90 million Acres (36.
    42 million hectares), a year-on-year increase of 6.
    9 million acres.
    U.
    S.
    corn production in 2021 will reach 15.
    15 billion cats, higher than the 14.
    182 billion cats in 2020.
     
      Ethanol consumption in the United States in 2021/22 is estimated to be 5.
    2 billion cats, compared with 4.
    95 billion cats in the previous year; corn exports are estimated to be 2.
    65 billion cats and 2.
    6 billion cats in the previous year.
    The ending inventory is estimated to be 1.
    552 billion cats, compared with 1.
    502 billion cats last year.
     
      South American second season corn planting progress continues to be delayed
     
      The rainy weather delayed the soybean harvest in Brazil, which in turn delayed the planting of the second season of corn.
    According to data from the consulting agency AgRural, as of late last week, only 11% of Brazil's second-season corn planting work has been completed, which is far below the normal progress of 31%.
    Analysts pointed out that the ideal planting time for the second season corn will be closed on February 20, and the corn crops planted outside the ideal window are more susceptible to adverse effects of bad weather.
    In Mato Grosso State, the No.
    1 producing region, only 20.
    9% of the second-season corn planting was completed, which was far lower than the 63% in the same period last year and the average progress of 47%.
     
      The National Commodity Supply Company (CONAB), a subsidiary of the Brazilian Ministry of Agriculture, stated that due to the sharp increase in domestic corn prices and attractive planting income, farmers will try their best to plant second-season corn.
    Therefore, Brazil's 2020/21 second-season corn planting area is expected to reach 14.
    35 million hectares, an increase from the same period last year.
    4.
    4%.
    The second-season corn output is expected to be 80.
    07 million tons, an increase of 6.
    7% year-on-year.
    The U.
    S.
    Department of Agriculture currently estimates that Brazil’s total corn production is 109 million tons, up from 102 million tons last year.
     
      In Argentina, the Buenos Aires Grain Exchange expects corn production to be 46 million tons, which is the same as its forecast a week ago; Rosario Exchange raised its forecast for Argentine corn production by 2.
    5 million tons to 48.
    5 million tons.
    The U.
    S.
    Department of Agriculture maintained its forecast for corn production in Argentina this month unchanged at 47.
    5 million tons.
     
      Russia and Ukraine restrict exports
     
      In the Black Sea region, in order to curb domestic food prices and ensure food security, Russia has recently adopted a number of measures, including the implementation of grain export quotas and export tariffs.
    In December last year, the government announced the implementation of grain export quotas.
    The grain export quota for the period from February 15 to June 30 was set at 17.
    5 million tons, covering varieties including wheat, rye, corn and barley.
    From February 15th, the export tariff on wheat within the quota will be 25 euros per ton.
    From March 1, the wheat export tariff will be raised to 50 euros per ton.
    From March 15th, the export tariffs on corn and barley will be 25 Euros and 10 Euros per ton respectively.
    These tariffs will be implemented until June 1, 2021.
    From June 2nd, Russia will implement new taxation measures, in which the wheat tariff is equal to 70% of the price difference between the benchmark export price and 200 US dollars, and the export tariff formula for corn and barley uses 185 US dollars instead of 200 US dollars.
     
      Various measures of the Russian government have prompted exporters to speed up their exports recently.
    According to Russian government data, as of the week of February 11, Russian barley exports remained strong, reaching 100,000 tons, bringing the total export volume so far this year to 4.
    3 million tons, an increase of 50% year-on-year.
    As of the week of February 11, Russian corn exports were 100,000 tons, bringing the total export volume so far this year to 1.
    5 million tons, a decrease of 28.
    6% year-on-year.
    In 2020, Russia's corn production was 13.
    5 million tons, down from 14.
    3 million tons in 2019.
    foodmate.
    net/tag_2496.
    html" class="zdbq" title="Price related food information" target="_blank">Price foodmate.
    net/tag_1222.
    html" class="zdbq" title="U.
    S.
    Department of Agriculture related food information" target="_blank">US Department of Agriculture foodmate.
    net/tag_2463.
    html" class="zdbq" title="U.
    S.
    related food information" target="_blank">US foodmate.
    net/tag_2319.
    html" class="zdbq" title="Corn related food information" target="_blank">corn foodmate.
    net/tag_601.
    html" class="zdbq" title="Cereal-related food information" target="_blank">grain foodmate.
    net/tag_227.
    html" class="zdbq" title="Export-related food information" target="_blank">export foodmate.
    net/tag_1117.
    html" class="zdbq" title="Food price related food information" target="_blank">prices
     
      On Friday, the Chicago Board of Trade (CBOT) May 2021 corn futures rose by approximately 5.
    25 cents from a week ago to close at 541.
    75 cents per cat.
    Meiwan No.
    2 yellow corn was quoted at 618.
    25 cents per cat, up 7.
    5 cents from a week ago.
    The corn futures for delivery in June 2021 on the EURONEXT exchange closed at about 218.
    25 euros/ton, an increase of 4.
    75 euros from a week ago.
    The spot price of Argentine corn in Shanghe was US$248/ton, up US$3 from a week ago, FOB price.
    The Dalian Commodity Exchange's May corn futures closed at 2,815 yuan/ton, up 42 yuan from a week ago.
     
      International crude oil futures were up and down this week.
    Among them, the March 2021 WTI light crude oil contract on the New York Mercantile Exchange (NYMEX) closed at 59.
    24 US dollars per barrel, down 0.
    23 US dollars or 0.
    39% from a week ago.
    The global benchmark Bren Special April crude oil futures closed at US$62.
    91/barrel, an increase of US$0.
    48 or 0.
    77% from a week ago.
    Texas Energy Company is preparing to restart oil and gas fields that have been closed due to freezing weather and power outages, putting pressure on oil prices.
    The decline in US crude oil inventories provides some support.
     
      On Friday, the US dollar index closed at 90.
    34 points, down 0.
    2% from a week ago.
     
      U.
    S.
    corn planting area will reach 92 million acres in 2021/22
     
      The USDA forecasts a positive outlook for agricultural prices in the coming year at the annual Agricultural Outlook Forum held on Thursday and Friday.
    US agricultural exports in 2021/22 will reach a record 157 billion U.
    S.
    dollars, of which exports to China are expected to be 31.
    5 billion U.
    S.
    dollars.
    US corn exports in 2021/22 will continue to grow because of strong demand from the Chinese aquaculture industry, but the US Department of Agriculture has not yet released specific export forecast data.
    The U.
    S.
    Department of Agriculture predicts that the average annual price of corn in the United States for 2021/22 will be US$4.
    2/bus (equivalent to US$165.
    35 per ton), which is only 10 cents/bus lower than the average price of 2020/21, although US corn production is expected to be A substantial increase.
     
      The total sown area of ​​soybeans and corn in the United States in 2021/22 will reach 182 million acres (73.
    653 million hectares), of which corn sown area will reach 92 million acres (37.
    2 million hectares), an increase of 1.
    2 million acres year-on-year; soybean sown area will be 90 million Acres (36.
    42 million hectares), a year-on-year increase of 6.
    9 million acres.
    U.
    S.
    corn production in 2021 will reach 15.
    15 billion cats, higher than the 14.
    182 billion cats in 2020.
     
      Ethanol consumption in the United States in 2021/22 is estimated to be 5.
    2 billion cats, compared with 4.
    95 billion cats in the previous year; corn exports are estimated to be 2.
    65 billion cats and 2.
    6 billion cats in the previous year.
    The ending inventory is estimated to be 1.
    552 billion cats, compared with 1.
    502 billion cats last year.
     
      South American second season corn planting progress continues to be delayed
     
      The rainy weather delayed the soybean harvest in Brazil, which in turn delayed the planting of the second season of corn.
    According to data from the consulting agency AgRural, as of late last week, only 11% of Brazil's second-season corn planting work has been completed, which is far below the normal progress of 31%.
    Analysts pointed out that the ideal planting time for the second season corn will be closed on February 20, and the corn crops planted outside the ideal window are more susceptible to adverse effects of bad weather.
    In Mato Grosso State, the No.
    1 producing region, only 20.
    9% of the second-season corn planting was completed, which was far lower than the 63% in the same period last year and the average progress of 47%.
     
      The National Commodity Supply Company (CONAB), a subsidiary of the Brazilian Ministry of Agriculture, stated that due to the sharp increase in domestic corn prices and attractive planting income, farmers will try their best to plant second-season corn.
    Therefore, Brazil's 2020/21 second-season corn planting area is expected to reach 14.
    35 million hectares, an increase from the same period last year.
    4.
    4%.
    The second-season corn output is expected to be 80.
    07 million tons, an increase of 6.
    7% year-on-year.
    The U.
    S.
    Department of Agriculture currently estimates that Brazil’s total corn production is 109 million tons, up from 102 million tons last year.
     
      In Argentina, the Buenos Aires Grain Exchange expects corn production to be 46 million tons, which is the same as its forecast a week ago; Rosario Exchange raised its forecast for Argentine corn production by 2.
    5 million tons to 48.
    5 million tons.
    The U.
    S.
    Department of Agriculture maintained its forecast for corn production in Argentina this month unchanged at 47.
    5 million tons.
     
      Russia and Ukraine restrict exports
     
      In the Black Sea region, in order to curb domestic food prices and ensure food security, Russia has recently adopted a number of measures, including the implementation of grain export quotas and export tariffs.
    In December last year, the government announced the implementation of grain export quotas.
    The grain export quota for the period from February 15 to June 30 was set at 17.
    5 million tons, covering varieties including wheat, rye, corn and barley.
    From February 15th, the export tariff on wheat within the quota will be 25 euros per ton.
    From March 1, the wheat export tariff will be raised to 50 euros per ton.
    From March 15th, the export tariffs on corn and barley will be 25 Euros and 10 Euros per ton respectively.
    These tariffs will be implemented until June 1, 2021.
    From June 2nd, Russia will implement new taxation measures, in which the wheat tariff is equal to 70% of the price difference between the benchmark export price and 200 US dollars, and the export tariff formula for corn and barley uses 185 US dollars instead of 200 US dollars.
     
      Various measures of the Russian government have prompted exporters to speed up their exports recently.
    According to Russian government data, as of the week of February 11, Russian barley exports remained strong, reaching 100,000 tons, bringing the total export volume so far this year to 4.
    3 million tons, an increase of 50% year-on-year.
    As of the week of February 11, Russian corn exports were 100,000 tons, bringing the total export volume so far this year to 1.
    5 million tons, a decrease of 28.
    6% year-on-year.
    In 2020, Russia's corn production was 13.
    5 million tons, down from 14.
    3 million tons in 2019.
    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

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