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Midwest this week helped to speed up corn planti.
But this summer in the.
and Europe is likely to be hot and dry, and global corn production is expected to decline, indicating that corn prices will continue to retain their risk premi.
July 2022 corn futures on the Chicago Board of Trade (CBOT) settled at around $8125 a bush on Friday, down 5 cents, or 45%, from a week a.
Spot US Gulf .
2 yellow corn was quoted at $815 a bushel, up 25 cents, or 3%, from a week a.
June 2022 corn futures on the EURONEXT exchange settled at around €3625/tonne, down €25 or 3% from a week a.
Argentine corn was offered at $311/ton FOB in Shanghe, down $3 or 1% from a week a.
The September 2022 corn futures on the Dalian Commodity Exchange closed at around 2,990 yuan/ton, down 13 yuan or 4% from a week a.
International crude oil futures rose and fell each other this we.
The June contract of West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) closed at $1149 per barrel, up 66% from a week a.
July Brent crude futures closed at 1155 yuan per barrel, down 75% from a week a.
On Friday, the.
dollar index closed at 10621, up 9% from a week earlier and up 4% so far this ye.
Spot US Gulf .
2 yellow corn was quoted at $815 a bushel, up 25 cents, or 3%, from a week a.
June 2022 corn futures on the EURONEXT exchange settled at around €3625/tonne, down €25 or 3% from a week a.
Argentine corn was offered at $311/ton FOB in Shanghe, down $3 or 1% from a week a.
The September 2022 corn futures on the Dalian Commodity Exchange closed at around 2,990 yuan/ton, down 13 yuan or 4% from a week a.
International crude oil futures rose and fell each other this we.
The June contract of West Texas Intermediate (WTI) on the New York Mercantile Exchange (NYMEX) closed at $1149 per barrel, up 66% from a week a.
July Brent crude futures closed at 1155 yuan per barrel, down 75% from a week a.
On Friday, the.
dollar index closed at 10621, up 9% from a week earlier and up 4% so far this ye.
Warmer weather in the Midwest could help speed up corn planting
The.
National Weather Service reported Friday (May 13) that the northern Midwest is still too wet for planti.
But continued warm weather this week has been favorable for corn and soybeans in the central and eastern Corn Belt, where fields have been dry enough to support farm machine.
Before that, this year's low temperature and wet weather in the Midwest led to slow progress in spring planti.
As of May 8, corn planting progress was only 22%, less than half of the historical average of 5
The emergence rate is also only 5%, only one-third of the five-year avera.
It should be noted that the weather outlook for the next 6 to 10 days released by the National Weather Service on Friday shows that after the recent warm weather, cool weather will generally be seen in the Midwest between May 18 and 22, accompanied by above-normal rainfa.
lev.
National Weather Service reported Friday (May 13) that the northern Midwest is still too wet for planti.
But continued warm weather this week has been favorable for corn and soybeans in the central and eastern Corn Belt, where fields have been dry enough to support farm machine.
Before that, this year's low temperature and wet weather in the Midwest led to slow progress in spring planti.
As of May 8, corn planting progress was only 22%, less than half of the historical average of 5
The emergence rate is also only 5%, only one-third of the five-year avera.
It should be noted that the weather outlook for the next 6 to 10 days released by the National Weather Service on Friday shows that after the recent warm weather, cool weather will generally be seen in the Midwest between May 18 and 22, accompanied by above-normal rainfa.
lev.
USDA lowers new.
corn yields
corn yields
The USDA lowered its.
corn yield to 177 bushels per acre in its May supply and demand report, 4 bushels lower than its February forecast, and corn production is forecast at 15 billion bushels (363 million tonnes), down 3 percent from a year earli.
Analysts said they did not expect the USDA to cut yields so ear.
USDA forecasts that.
corn exports in 2022/23 are expected to be 4 billion bushels (5 billion bushels last year); ethanol industry use is 375 billion bushes (375 billion bushes last year), and feed use is 35 billion bushes (625 billion bushes last year) ; The ending inventory was 36 billion bushes (44 billion bushes in the previous year), higher than the market expectation of 305 billion bush.
USDA forecasts.
farm prices for corn at $75/bu in 2022/23 ($90/bu this yea.
corn yield to 177 bushels per acre in its May supply and demand report, 4 bushels lower than its February forecast, and corn production is forecast at 15 billion bushels (363 million tonnes), down 3 percent from a year earli.
Analysts said they did not expect the USDA to cut yields so ear.
USDA forecasts that.
corn exports in 2022/23 are expected to be 4 billion bushels (5 billion bushels last year); ethanol industry use is 375 billion bushes (375 billion bushes last year), and feed use is 35 billion bushes (625 billion bushes last year) ; The ending inventory was 36 billion bushes (44 billion bushes in the previous year), higher than the market expectation of 305 billion bush.
USDA forecasts.
farm prices for corn at $75/bu in 2022/23 ($90/bu this yea.
Global corn production expected to decline in 2022/23
The USDA first forecast global corn production in 2022/23 at 1,1872 million tons, down from 1,2162 million in 2021/22, mainly due to cuts in Ukraine, the United States and Chi.
Among them, Ukraine's corn production is expected to be 15 million tons (413 million tons in the previous year), and Ukraine's exports are expected to fall to 9 million tons (23 million tons in the previous yea.
China's corn production is estimated at 271 million tons (2755 million tons in the previous year), and imports are expected to be 18 million tons (23 million tons in the previous yea.
However, South American production is expected to increase, with Brazil's corn production forecast at 126 million tons (116 million tons in the previous year) and Argentina's corn production at 55 million tons (53 million tons in the previous yea.
Global corn ending stocks are forecast at 3013 million tons, down from 3039 million the previous ye.
Among them, Ukraine's corn production is expected to be 15 million tons (413 million tons in the previous year), and Ukraine's exports are expected to fall to 9 million tons (23 million tons in the previous yea.
China's corn production is estimated at 271 million tons (2755 million tons in the previous year), and imports are expected to be 18 million tons (23 million tons in the previous yea.
However, South American production is expected to increase, with Brazil's corn production forecast at 126 million tons (116 million tons in the previous year) and Argentina's corn production at 55 million tons (53 million tons in the previous yea.
Global corn ending stocks are forecast at 3013 million tons, down from 3039 million the previous ye.
China buys.
corn
corn
Private.
exporters on May 12 reported sales of 612,000 tons of corn to China, with 68,000 tons for delivery in 2021/22 and 544,000 tons for delivery in 2022/2 It was the first major purchase of.
corn by Chinese buyers since April 29, when the.
sold 09 million tons of corn to Chi.
exporters on May 12 reported sales of 612,000 tons of corn to China, with 68,000 tons for delivery in 2021/22 and 544,000 tons for delivery in 2022/2 It was the first major purchase of.
corn by Chinese buyers since April 29, when the.
sold 09 million tons of corn to Chi.
The.
Department of Agriculture's weekly export sales report shows net.
corn sales for the 2021/22 season of 192,700 tons for the week ended May 5, 2022, a new annual low, 75% lower than last week, and lower than the four-week average 8
Net sales in 2022/23 were 46,600 tonnes, down from 737,900 tonnes a week earli.
So far in 2021/22, the total export sales of corn has reached 549 million tons, a year-on-year decrease of 17%, accounting for 92% of the annual export targ.
Department of Agriculture's weekly export sales report shows net.
corn sales for the 2021/22 season of 192,700 tons for the week ended May 5, 2022, a new annual low, 75% lower than last week, and lower than the four-week average 8
Net sales in 2022/23 were 46,600 tonnes, down from 737,900 tonnes a week earli.
So far in 2021/22, the total export sales of corn has reached 549 million tons, a year-on-year decrease of 17%, accounting for 92% of the annual export targ.
CONAB cuts 2021/22 Brazilian corn output by 1 million tons
On May 12, the National Commodities Supply Corporation of Brazil (CONAB) lowered the 2021/22 Brazilian corn production to 1158 million tons, 1 million tons lower than the April forecast, but lower than the previous year's production due to frost and droug.
Still 36% high.
This year's crop in Parana has been good, but the Midwest has suffered from droug.
For the second crop, Mato Grosso and Goias are facing water shortages, and the biggest concern is frost in Mato Grosso do Sul and Para.
CONAB kept its 2021/22 Brazilian corn export forecast unchanged at 37 million tons, up from 28 million tons in the previous seas.
Still 36% high.
This year's crop in Parana has been good, but the Midwest has suffered from droug.
For the second crop, Mato Grosso and Goias are facing water shortages, and the biggest concern is frost in Mato Grosso do Sul and Para.
CONAB kept its 2021/22 Brazilian corn export forecast unchanged at 37 million tons, up from 28 million tons in the previous seas.
On May 9, consultancy AgRural lowered its 2021/22 second-season corn production in central and southern Brazil to 89 million tons, 5 million tons lower than the April foreca.
The central and southern regions are also the main producing areas of Brazil's second crop of co.
AgRural forecasts Brazil's total corn production for the second season at 83 million tons, also down 5 million tons from last month's foreca.
Although the production forecast is lowered, it will still be the highest on record due to higher plantin.
Brazil's total corn production in 2021/22 (first, second, and third) is forecast at 113 million tons, down from 113 million in April's forecast, but well above the 81 million in 2020/2 AgRural will investigate the second crop again in June, and if the weather continues to dry, production could be cut furth.
The central and southern regions are also the main producing areas of Brazil's second crop of co.
AgRural forecasts Brazil's total corn production for the second season at 83 million tons, also down 5 million tons from last month's foreca.
Although the production forecast is lowered, it will still be the highest on record due to higher plantin.
Brazil's total corn production in 2021/22 (first, second, and third) is forecast at 113 million tons, down from 113 million in April's forecast, but well above the 81 million in 2020/2 AgRural will investigate the second crop again in June, and if the weather continues to dry, production could be cut furth.
The USDA said that although dry weather in the Midwest has reduced second-crop corn yield potential, good rains in the south, combined with increased plantings, will offset the dry impact, so Brazil's total corn production in 2021/22 will reach 116 milli.
tons, a year-on-year increase of 3
Exports will reach a record 45 million tonnes, a surge of 117% year-on-ye.
Domestic corn prices in Brazil have fallen recently due to harvest pressur.
As of May 12, Brazil's Paranagua port feed corn was quoted at $334 a tonne, down from $354 in early M.
tons, a year-on-year increase of 3
Exports will reach a record 45 million tonnes, a surge of 117% year-on-ye.
Domestic corn prices in Brazil have fallen recently due to harvest pressur.
As of May 12, Brazil's Paranagua port feed corn was quoted at $334 a tonne, down from $354 in early M.
French corn acreage expected to fall by 6% in 2022
On May 10, the French Ministry of Agriculture expects French farmers to reduce the acreage of corn and increase the acreage of sunflower seeds this year in response to rising fertilizer cos.
The French Ministry of Agriculture expects the corn planting area in 2022 to be 37 million hectares, a decrease of 1% year-on-ye.
The data does not include seed corn acrea.
This reflects spring planting options amid soaring fertilizer and natural gas pric.
The French Ministry of Agriculture expects the sown area of sunflower seeds to be 758,000 hectares in 2022, a year-on-year increase of
Sunflower seeds require less nitrogen than corn and are more drought tolera.
The market has been expecting farmers in France and other producing countries to reduce corn acreage to save on fertilizer and post-harvest drying cos.
The French Ministry of Agriculture expects the corn planting area in 2022 to be 37 million hectares, a decrease of 1% year-on-ye.
The data does not include seed corn acrea.
This reflects spring planting options amid soaring fertilizer and natural gas pric.
The French Ministry of Agriculture expects the sown area of sunflower seeds to be 758,000 hectares in 2022, a year-on-year increase of
Sunflower seeds require less nitrogen than corn and are more drought tolera.
The market has been expecting farmers in France and other producing countries to reduce corn acreage to save on fertilizer and post-harvest drying cos.
.
and European summers expected to be hot and dry, corn will add to risk premiums
and European summers expected to be hot and dry, corn will add to risk premiums
The.
corn planting is delayed this year, and the planting area is expected to decrease by 4% year-on-year, indicating that the weather market may be volatile this summ.
The market will pay close attention to the weather forecast to assess the impact of the weather on the planting progress and crop yield potenti.
A weather agency forecast on Friday a hot, dry summer in parts of Europe and the.
that will pose growth risks to cro.
Scientists from the Copernicus Climate Change Service said in a seasonal outlook published on Friday that hotter and drier weather is highly likely in the EU's main agricultural regio.
From June to August, there is a 70% to 100% chance that temperatures will be well above average across the Northeast.
, Spain, France and Ita.
Meanwhile, there is a more than 50% chance of below-normal rainfall over large swathes of central Europe, France, Spain and the northwestern United Stat.
corn planting is delayed this year, and the planting area is expected to decrease by 4% year-on-year, indicating that the weather market may be volatile this summ.
The market will pay close attention to the weather forecast to assess the impact of the weather on the planting progress and crop yield potenti.
A weather agency forecast on Friday a hot, dry summer in parts of Europe and the.
that will pose growth risks to cro.
Scientists from the Copernicus Climate Change Service said in a seasonal outlook published on Friday that hotter and drier weather is highly likely in the EU's main agricultural regio.
From June to August, there is a 70% to 100% chance that temperatures will be well above average across the Northeast.
, Spain, France and Ita.
Meanwhile, there is a more than 50% chance of below-normal rainfall over large swathes of central Europe, France, Spain and the northwestern United Stat.
