Brazil continues to compete with Ukraine on the world maize market
Despite the fact that usually at the time of harvesting corn in the United States and Ukraine Brazil gradually reduces the pace of exports this year she continues to actively implement the grain, which increases competition on the world market of corn.
6 days In November, Brazil exported 1,258 million tons of corn, an average 209,7 thousand tons per day, which is 21.4% less than in the beginning of October 2019, but 15% more than in early November, 2018
National Association of grain exporters of Brazil (Anec) predicted that by the end of 2019, corn exports from the country will be 35 million tons, but already in the beginning of November it exceeded 33.5 million T. So on Tuesday experts Anec raised the export forecast to a record 40 million tonnes, Supports Brazilian exports decrease corn production in the United States.
Corn Exports from the U.S. for the week doubled to 560,1 thousand tons, which exceeds the expert expectations are, however, much inferior to 1,158 million tons that were exported in the same period a year ago. Since the beginning of the season, the United States exported 4,321 million tons of corn, which is 61.2 per cent lower than in the previous season – 11,138 million tons.
As of 10 November, the corn was threshed in USA on 66% of the space compared to 83% last year and 85% average over 5 years on this date. In North Dakota the rate of harvest of maize are lagging behind the average of 61%, South Dakota – 45%, in Wisconsin by 35% and Michigan by 31%.
In Ukraine, with 88,3% of the area harvested 30.8 million MT of corn with a yield of 7 t/ha (of 7.54 t/ha in 2018). For the week, corn exports decreased by 26% to 552 thousand tons, while the start of the season was 5 million tonnes, 1.7 million tonnes higher than the corresponding figure last year.
Corn Prices in Brazil amid strong demand and destocking increased to 175 $/MT FOB and exceeded rates in the United States, which constitute 170-172 $/t FOB US Gulf. In the Ukraine and Argentina, the price of corn remain at 164-165 $/t FOB, but the high demand has not, as buyers from Asia are not willing to pay more than 205-207 $/t CFR for deliveries in March, when the markets come out of the Brazilian corn of the new harvest.
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