World prices for corn beat a record. The reason for that is the crop’s low harvest forecast in the U.S.The prices for the December corn futures on the Chicago Stock Exchange reached a record according to the the report of Ministry of Agriculture on the projected U.S. crop.
The prices for corn on the Chicago Stock Exchange reached a record after the U.S. Ministry of Agriculture (USDA) reported that the corn crop will substantially drop due to the toughest drought since 1956 - Liga Business Inform writes with reference to Bloomberg.
Thus, according to the USDA forecast, corn production in the U.S., which is the world's largest exporter of this crop, will shrink by 16 per cent, to 10.91 billion bushels.
Corn, meanwhile, has increased in price since mid-June by 64 per cent which pushed up prices for soybeans and wheat after drought that was recorded in 60 percent of the 48 states.
Grain exports from Ukraine drop. Grain export from Ukraine in August cannot exceed 1500 thousand tons.Within 10 days of August Ukraine was not able to "shove" for export and 500 tons of grain. Export shipments totaled only about 480 thousand tons, including about 250 thousand tons of wheat, 200 tons of barley and two vessels with corn weighing 65 tons.
Ukraine: sunflower of new crop is getting more expensive. According to the experts of IA APK-Inform, the number of companies who voiced starting prices for new crop sunflower this week has increased. So, now offers for the purchase of oil seeds mainly come at a price within the 4000-4200 UAH per ton EXW. Last week, declarative purchase price for sunflower seeds under the CPT (taking into account that offers a real sunflower harvest 2012/13 MY is receiving) increased by on average of 100-200 USD - up to 4200-4400 UAH per ton CPT. Market participants attributed this trend mostly with pessimistic forecasts concerning oil-crop in Ukraine in 2012. Despite the fact that the harvesting campaign has started only recently, even at this stage, we can talk about the low quality of oilseeds.
Wheat prices fall on world markets for three consecutive days. After a high record last week, wheat quotations dropped for three consecutive days on world stock markets. During this time in Chicago wheat lost almost $ 14 per ton.14 August was an exception only to wheat in the LIFFE exchange in London. But here the wheat was so low and added only 0.3 per cent. In Paris, quotes fell by 1.6per cent. In the U.S., wheat fell by 1.9per cent in Chicago, and 2 per cent in Kansas City. Corn fell by 0.4per cent on that day and soybeans rose by 0.4per cent.
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