 Home > Food News > Food Articles > Global feed market: crude oil has fallen, fertilizer prices have risen, and feed prices have fallen

Global feed market: crude oil has fallen, fertilizer prices have risen, and feed prices have fallen

 Last Update: 2021-11-12
 Source: Internet
 Author: User

Tags

proforma report

keto oil frying

Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

Foreign media news on November 7: In the week ending November 5, 2021, global food market prices have fallen, international crude oil futures have fallen sharply, and wheat prices have fallen from multi-year highs; the US Department of Agriculture may raise US corn production forecasts According to the data, the prospects for corn planting in South America are optimistic, putting pressure on corn prices
.
However, the increase in fertilizer prices may lead to a decline in the corn planting area in the United States next year, and improved corn export sales will restrict the price decline
.

On Friday, the Chicago Board of Trade (CBOT) December 2021 corn futures fell by approximately 15.
25 cents or 2.
7% from a week ago, to close at 553 cents/po
.
The spot price of Meiwan No.
2 yellow corn was 616 cents per bus, down 12.
75 cents or 2% from a week ago
.
The March 2022 corn futures on the EURONEXT exchange closed at approximately EUR 238.
25/ton, down 2.
25 EUR or 0.
9% from a week ago
.
The FOB spot price of Argentine corn in Shanghe was US$252/ton, down US$2 or 0.
8% from a week ago
.
The January corn futures settlement price on the Dalian Commodity Exchange closed at 2,676 yuan/ton, an increase of 66 yuan or 2.
5% from a week ago
.

　　This week, international crude oil futures fell for the second consecutive week.
As US crude oil inventories continue to increase, Iran will resume nuclear agreement negotiations with the six western countries, which will bring crude oil prices back from multi-year highs
.
On Friday, the New York Mercantile Exchange (NYMEX) West Texas Intermediate Crude Oil (WTI) December contract was quoted at 81.
27 yuan per barrel, down 1.
24% from a week ago
.
The global benchmark January Brent crude oil futures closed at US$82.
74 per barrel, down 2.
75% from a week ago
.

　　On Friday, the US dollar index closed at 94.
22 points, up 0.
1% from a week ago
.

　　There is a quarter of corn left in the United States waiting to be harvested, and the weather will be favorable for harvest in the next few days

　　According to the National Crop Progress Weekly Report released by the US Department of Agriculture, as of October 31, corn harvest progress reached 74%, last week 66%, last year 81%, and the average value of the past five years was 66%
.
Weather forecasts show that for some time in the future, the temperature in most major producing areas in the United States will be higher than normal and rainfall will be scarce, which will help farmers complete the remaining harvesting work
.

　　Brazil's first season corn planting is progressing well

　　The good weather conditions in the corn-producing areas in Brazil are conducive to the planting and initial growth of the first season of corn, which boosts the prospects for high yield of corn
.
AgRural's data shows that as of October 28, 63% of the corn planting in the first season of 2021/22 in central and southern Brazil has been completed, compared with 53% a week ago and 54% in the same period last year
.
In addition, the soybean planting progress in Brazil reached 52%, higher than the 42% in the same period last year and second only to the progress in the same period in 2018/19
.
The more abundant and regular rainfall in October this year will help speed up the planting of soybeans, which means that new beans are expected to be on the market in advance next year, thus providing a good planting window for the second season of corn
.
The second season corn is sown after the soybeans are harvested
.

　　U.
S.
corn exports are at a good pace

　　The US Department of Agriculture’s weekly export sales report shows that for the week ending October 28, 2021, the US’s 2021/22 net corn sales were 1,223,800 tons, an increase of 37% from the previous week and an increase of 10% from the four-week average
.
So far this year, US corn export sales totaled 31.
01 million tons, a year-on-year decrease of 6.
6%
.

　　Brazil's corn exports in November are expected to be close to 2 million tons

　　The Brazilian Grain Exporters Association (Anec) said on Wednesday that Brazil’s corn exports in November 2021 are expected to reach 1.
964 million tons, exceeding the expected 1.
94 million tons of soybean exports for the month.
This may be the first time this year that corn exports surpassed soybean exports
.

　　Although Brazil’s corn exports in November may surpass soybeans, it will be about 3 million tons less than the same period last year, due to frost and drought leading to a poor corn harvest
.
Brazil's corn exports in 2021 may reach 16.
5 million tons, which is only about half of the exports in 2020
.

　　Brazil's domestic corn prices fall

　　Due to the good planting conditions of Brazilian corn and the US corn is being harvested for the market, this has led to a drop in the spot price of domestic corn in Brazil
.
Brazilian buyers are not interested in purchasing, and some sellers are willing to sell at lower prices in order to free up storage space for the first season of corn
.
Brazilian agricultural production areas sometimes rain and sometimes sunny days, which is conducive to planting crops, causing the market to expect a bumper corn harvest
.
According to the Ministry of Rural Economics (Deral) of the State of Parana, Brazil, 93% of the corn planting in the first season of 2021/22 in Parana State has been completed, and 75% of the first corn planting in the state of Rio Grande do Sul
.

　　U.
S.
ethanol production remains strong, boosting corn demand
.

　　In the United States, corn is the main raw material for ethanol production
.
US Energy Information Administration (EIA) weekly data show that for the week ending October 29, 2021, the average daily ethanol production was 1.
107 million barrels, which was higher than the 1.
106 million barrels per day a week ago and 961,000 barrels a day ago.
/Day
.
For comparison, the ethanol production in the same period of 2019 before the outbreak was 1.
014 million barrels per day
.
U.
S.
ethanol stocks reached 20.
129 million barrels that week, higher than 19.
925 million barrels a week ago, and 19.
675 million barrels in the same period in 2020
.
Inventories for the same period in 2019 were 21.
874 million barrels
.

　　The soaring trend of fertilizer prices will continue

　　Nutrien, the world's largest supplier of crop nutrition, raised its guidance price for the whole year this week, because the firm crop price trend will support fertilizer spending
.
The company expects that the price of potash fertilizer will continue to rise due to the historically highest demand and the huge profits from planting
.
Nutrien is a Canadian fertilizer company headquartered in Saskatchewan.
It is the world's largest potash fertilizer producer and the third largest nitrogen fertilizer producer
.
Mosaic, the world's largest producer of phosphate fertilizers, said that nearly 90% of its output in the fourth quarter has been sold and priced, so the upward trend in fertilizer prices will continue
.
Some customers requested to book supplies for the second quarter of next year
.

　　The U.
S.
Department of Agriculture may increase U.
S.
corn production in the supply and demand report

　　The U.
S.
Department of Agriculture may raise its corn production forecast in the November supply and demand report issued next week, which will put downward pressure on the corn market
.
In its October supply and demand report, the U.
S.
Department of Agriculture raised the forecast value of US corn production for the year 2021/22 from 14.
996 billion bu last month to 15.
019 billion bu, which was also higher than the 14.
111 billion bu in the previous year
.
The corn yield forecast data is revised up to 176.
5 bu/acre, higher than the 176.
3 bu/acre predicted in September
.

Price Wheat U.
S.
Department of Agriculture U.
S.
Corn Exports

　　On Friday, the US dollar index closed at 94.
22 points, up 0.
1% from a week ago
.

　　There is a quarter of corn left in the United States waiting to be harvested, and the weather will be favorable for harvest in the next few days

　　Brazil's first season corn planting is progressing well

　　U.
S.
corn exports are at a good pace

　　Brazil's corn exports in November are expected to be close to 2 million tons

　　Brazil's domestic corn prices fall

　　U.
S.
ethanol production remains strong, boosting corn demand
.

　　The soaring trend of fertilizer prices will continue

　　The U.
S.
Department of Agriculture may increase U.
S.
corn production in the supply and demand report

This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.