Corn: high prices on the international market

Posted by Rafael Moro

Image: Pixabay

Corn prices on the international market are at a huge increase, according to information that was negotiated by TF Agroeconomic. “From inspection data, the US Gulf moved 1.3 million tonnes, including 830,000 tonnes to China and accounted for 66% of total US exports for the week, making it the second busiest week ever. registered”, he comments.

“Pacific Northwest volumes have also increased, reaching 507,000 metric tons, with China's dominance challenged by large volumes for Japan and South Korea. Inspections so far have soared to 51 million tons, 81% of the forecast for the USDA for the entire year, with about 13 weeks to go”, completes the consultancy.

In Asian markets, corn futures on the Chinese Dalian exchange firmed at CNY 2,729/t (427.71/t) for July. “Maize offers to Vietnam were heard at $322.30/t cif Phu My and Cai Mep for July shipment and $317/t cif Hai Phong in the north of the country for August shipment,” he says.

“In Ukraine, there were rumors that a deal for an affordable size was made at $292/t fob Mykolaiv for June, while for the Ukrainian CPT market, an offer was heard at $280/t CPT Odesa. Buying interest was recorded at $278/t for spot loading in June. Meanwhile, in the US, bids and offers from the Gulf CIF barge market were stable for most months, with only immediate June indications showing signs of tightening,” he concludes.

By: Leonardo Gottems | Agrolink

This text was automatically translated from Portuguese.