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The corn harvest in Argentina began and market supply improved.
.
However, the dry weather in Brazil caused a reduction in the second-season corn production, and the firm international crude oil futures restrained the price decline.
On Friday, the Chicago Board of Trade (CBOT) July 2021 corn futures fell 2.
75 cents from a week ago to close at 656.
75 cents per bushel.
Meiwan No.
2 yellow corn was quoted at US$7.
4825 per cat, down 3.
25 cents from a week ago.
The corn futures for delivery in November 2021 on the EURONEXT exchange reported about 202 euros/ton, a decrease of 7.
25 euros from a week ago.
The spot price of Argentine corn in Shanghe was US$247/ton, down US$13 from a week ago, FOB price.
The September corn futures on the Dalian Commodity Exchange closed at 2,686 yuan/ton, a decrease of 83 yuan from a week ago.
75 cents from a week ago to close at 656.
75 cents per bushel.
Meiwan No.
2 yellow corn was quoted at US$7.
4825 per cat, down 3.
25 cents from a week ago.
The corn futures for delivery in November 2021 on the EURONEXT exchange reported about 202 euros/ton, a decrease of 7.
25 euros from a week ago.
The spot price of Argentine corn in Shanghe was US$247/ton, down US$13 from a week ago, FOB price.
The September corn futures on the Dalian Commodity Exchange closed at 2,686 yuan/ton, a decrease of 83 yuan from a week ago.
International crude oil futures rose this week, mainly due to the strong US economic data and the expected rebound in global crude oil demand.
On Friday, the New York Mercantile Exchange (NYMEX) West Texas Intermediate Crude Oil (WTI) July contract was quoted at $66.
32 per barrel, up 4.
38% from a week ago.
The global benchmark Brent July crude oil futures closed at US$69.
63 per barrel, the highest closing price in two years, up 4.
8% from a week ago.
On Friday, the New York Mercantile Exchange (NYMEX) West Texas Intermediate Crude Oil (WTI) July contract was quoted at $66.
32 per barrel, up 4.
38% from a week ago.
The global benchmark Brent July crude oil futures closed at US$69.
63 per barrel, the highest closing price in two years, up 4.
8% from a week ago.
On Friday, the US dollar index closed at 90.
06 points, which was stable from a week ago.
06 points, which was stable from a week ago.
There are market rumors that China will cancel purchases, but they have not been confirmed
Although the Chicago Corn Futures July contract on the weekly chart fell only 2.
75 cents or 0.
4 percentage points from a week ago, the daily volatility in the past five trading days averaged as high as 29.
75 cents.
At the beginning of the week, there were rumors in the Chicago market that Chinese buyers had cancelled up to 1 million tons of old season corn contracts.
The media said that some Chinese merchants transported additional imported corn to the bonded area and then mixed it with other raw materials to produce animal feed in order to profit from the zero-tariff policy of the bonded area.
People familiar with the matter said that customs restrictions on corn imports into the free trade zone have caused some Chinese buyers to cancel their orders.
Affected by this news, Chicago corn futures fell sharply at the beginning of the week.
75 cents or 0.
4 percentage points from a week ago, the daily volatility in the past five trading days averaged as high as 29.
75 cents.
At the beginning of the week, there were rumors in the Chicago market that Chinese buyers had cancelled up to 1 million tons of old season corn contracts.
The media said that some Chinese merchants transported additional imported corn to the bonded area and then mixed it with other raw materials to produce animal feed in order to profit from the zero-tariff policy of the bonded area.
People familiar with the matter said that customs restrictions on corn imports into the free trade zone have caused some Chinese buyers to cancel their orders.
Affected by this news, Chicago corn futures fell sharply at the beginning of the week.
But on Thursday, the US Department of Agriculture announced huge US export sales data.
The new season corn sales reached 5.
7 million tons, of which 5.
64 million tons were sold to China.
The sales volume of rising old season corn also reached 556,000 tons, of which China bought a net 168,000 tons of old season corn, which did not show that China had cancelled orders.
This led to the daily limit of Chicago corn futures.
So far, total US corn export sales have reached 68.
58 million tons, an increase of 72.
1% over the same period last year.
The new season corn sales reached 5.
7 million tons, of which 5.
64 million tons were sold to China.
The sales volume of rising old season corn also reached 556,000 tons, of which China bought a net 168,000 tons of old season corn, which did not show that China had cancelled orders.
This led to the daily limit of Chicago corn futures.
So far, total US corn export sales have reached 68.
58 million tons, an increase of 72.
1% over the same period last year.
U.
S.
corn planting is coming to an end, the current weather is favorable
S.
corn planting is coming to an end, the current weather is favorable
The US Department of Agriculture's weekly crop progress report shows that the US corn planting progress was 90% last week, an increase of 10% from the previous week, which is higher than the historical average of 80% and slightly lower than the 91% expected by the market.
The maize emergence rate was 64%, which was also higher than the historical average of 54%.
As the spring planting draws to a close, the weather has become the focus of market attention.
This week, some production areas in the Midwest of the United States saw a large-scale rainfall process, which is conducive to the early growth of crops.
The maize emergence rate was 64%, which was also higher than the historical average of 54%.
As the spring planting draws to a close, the weather has become the focus of market attention.
This week, some production areas in the Midwest of the United States saw a large-scale rainfall process, which is conducive to the early growth of crops.
The weather in Brazil is still dry, and the forecast for the second season corn production is lowered
In South America, due to the continued drought in the second-season corn-producing areas in Brazil, many analysis agencies lowered their output forecast data.
This week, South American expert Dr.
Michael Cordogne estimated that Brazil’s total corn production in 2020/21 will be 95 million tons, which is 2 million tons lower than the previous forecast.
Future corn production forecast data may be further revised down.
This week, South American expert Dr.
Michael Cordogne estimated that Brazil’s total corn production in 2020/21 will be 95 million tons, which is 2 million tons lower than the previous forecast.
Future corn production forecast data may be further revised down.
The Ministry of Rural Economy (Deral) of Parana State, Brazil’s second largest corn-producing region, stated that the condition of the maize crop in the season deteriorated slightly last Tuesday, and the continued dry weather led to a decline in the yield potential of the second crop of maize in Parana State.
Deral expects the second-season corn output in Parana State to be 10.
3 million tons, a decrease of 13% from the previous year and well below the 12.
23 million tons predicted in April.
Deral added that the second-season corn production forecast in Parana may be further revised down.
Deral expects the second-season corn output in Parana State to be 10.
3 million tons, a decrease of 13% from the previous year and well below the 12.
23 million tons predicted in April.
Deral added that the second-season corn production forecast in Parana may be further revised down.
In Brazil, the increase in corn prices far exceeds the increase in poultry prices, causing poultry farmers to complain.
In the past 27 months, the price of corn in Brazil has risen by 152%, while the prices of live chicken, chicken and eggs have risen by 55%.
In the past 27 months, the price of corn in Brazil has risen by 152%, while the prices of live chicken, chicken and eggs have risen by 55%.
The European Commission lowers its forecast of corn production for the next season
On May 27, the European Commission issued a monthly report, lowering the forecast value of corn production in the 27 EU countries for the year of 2021/22 by 300,000 tons, from the 71.
3 million tons predicted last month to 71 million tons.
Barley production has also been lowered to 54.
5 million tons, which is 1.
5 million tons lower than the previous forecast.
The EU corn import forecasts for 2021/22 and 2020/21 have been lowered by 1 million tons, both of which are 15 million tons.
3 million tons predicted last month to 71 million tons.
Barley production has also been lowered to 54.
5 million tons, which is 1.
5 million tons lower than the previous forecast.
The EU corn import forecasts for 2021/22 and 2020/21 have been lowered by 1 million tons, both of which are 15 million tons.
South Africa's corn production increased in 2021/22
The South African Crop Estimation Commission (CEC) this week raised its forecast for the production of 2021/22 to 16.
1 million tons, which is 0.
5% higher than the forecast in April.
Yield per hectare was increased to 5.
87 tons per hectare, and the sown area remained unchanged at 2.
75 million hectares.
1 million tons, which is 0.
5% higher than the forecast in April.
Yield per hectare was increased to 5.
87 tons per hectare, and the sown area remained unchanged at 2.
75 million hectares.
IGC raises forecasts for global corn production, but inventories will still fall
The May Grain Market Report issued by the Rome-based International Grain Council (IGC) shows that although the total global cereal production in 2021/22 will increase by 72 million tons year-on-year, cereal stocks will fall for the fifth consecutive year.
As far as corn is concerned, IGC this month predicts that the global production in 2020/22 will reach 1.
194 billion tons, slightly higher than the 1.
192 billion tons predicted last month, and also higher than the 1.
134 billion tons in 2020/21.
However, the ending inventory is expected to drop to 261 million tons, which is lower than the 264 million tons in the previous month and also lower than the 267 million tons in the previous year.
This is mainly because the global corn consumption will reach 1.
2 billion tons, which is higher than the forecast last month.
1.
199 billion tons, also higher than the 1.
165 billion tons in the previous year.
194 billion tons, slightly higher than the 1.
192 billion tons predicted last month, and also higher than the 1.
134 billion tons in 2020/21.
However, the ending inventory is expected to drop to 261 million tons, which is lower than the 264 million tons in the previous month and also lower than the 267 million tons in the previous year.
This is mainly because the global corn consumption will reach 1.
2 billion tons, which is higher than the forecast last month.
1.
199 billion tons, also higher than the 1.
165 billion tons in the previous year.
