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At the same time, South American corn planting work is progressing smoothly, international crude oil futures are weak, and US corn export demand remains sluggish, restricting price increases
.
On Friday, the Chicago Board of Trade (CBOT) December 2021 corn futures rose approximately 30.
25 cents or 5.
6% from a week ago, to close at 568.
25 cents/po
.
The spot price of Meiwan No.
2 yellow corn was 628.
75 cents per bus, up 16.
75 cents by 2.
7% from a week ago
.
The November 2021 corn futures on the EURONEXT exchange closed at about 239.
50 euros/ton, down 9.
5 euros or 3.
8% from a week ago, and the March 2022 corn futures closed at about 240.
50 euros/ton
.
The FOB spot price of Argentine corn in Shanghe was US$254/ton, an increase of US$8 or 3.
3% from a week ago
.
The January corn futures settlement price on the Dalian Commodity Exchange closed at 2,610 yuan/ton, up 41 yuan or 1.
6% from a week ago
.
25 cents or 5.
6% from a week ago, to close at 568.
25 cents/po
.
The spot price of Meiwan No.
2 yellow corn was 628.
75 cents per bus, up 16.
75 cents by 2.
7% from a week ago
.
The November 2021 corn futures on the EURONEXT exchange closed at about 239.
50 euros/ton, down 9.
5 euros or 3.
8% from a week ago, and the March 2022 corn futures closed at about 240.
50 euros/ton
.
The FOB spot price of Argentine corn in Shanghe was US$254/ton, an increase of US$8 or 3.
3% from a week ago
.
The January corn futures settlement price on the Dalian Commodity Exchange closed at 2,610 yuan/ton, up 41 yuan or 1.
6% from a week ago
.
International crude oil futures fell this week, as US crude oil inventories increased, and Iran said it would restart negotiations to resume the nuclear agreement before the end of November
.
On Friday, the New York Mercantile Exchange (NYMEX) West Texas Intermediate Crude Oil (WTI) December contract was quoted at 83.
57 yuan per barrel, down 0.
23% from a week ago, and it was the first decline in 10 weeks
.
The global benchmark January Brent crude oil closed at $84.
38 per barrel, down 1.
02% from a week ago, and it was the first decline in eight weeks
.
October WTI crude oil futures rose 11.
87% and Brent crude oil rose 8.
06%
.
.
On Friday, the New York Mercantile Exchange (NYMEX) West Texas Intermediate Crude Oil (WTI) December contract was quoted at 83.
57 yuan per barrel, down 0.
23% from a week ago, and it was the first decline in 10 weeks
.
The global benchmark January Brent crude oil closed at $84.
38 per barrel, down 1.
02% from a week ago, and it was the first decline in eight weeks
.
October WTI crude oil futures rose 11.
87% and Brent crude oil rose 8.
06%
.
On Friday, the US dollar index closed at 94.
13 points, up 0.
5% from a week ago and down 0.
1% from a month ago
.
13 points, up 0.
5% from a week ago and down 0.
1% from a month ago
.
Rising fertilizer prices affect the decision to plant corn next year
The hot topic in the market recently is the impact of rising fertilizer prices on corn planting
.
The soaring price of natural gas has pushed up fertilizer prices and planting costs, which may prompt farmers in the northern hemisphere to broadcast crops that are less dependent on fertilizers
.
Hurricane Ida at the end of August this year caused the suspension of operations of the US Gulf oil and gas facilities.
The large-scale power outage caused by the storm also caused the suspension of export facilities and production facilities in Louisiana.
This led to a reduction in US fertilizer imports, and fertilizer and agrochemical giants.
A local fertilizer company suspended production for five weeks, and these factors have caused the U.
S.
fertilizer prices to skyrocket
.
Such as nitrogen fertilizer and potash fertilizer prices have risen to 700 or even more than 800 US dollars / ton
.
There are even rumors in the market that due to the reduced supply of raw materials for fertilizer production, the price of ammonia may rise to around US$1,200 per ton
.
.
The soaring price of natural gas has pushed up fertilizer prices and planting costs, which may prompt farmers in the northern hemisphere to broadcast crops that are less dependent on fertilizers
.
Hurricane Ida at the end of August this year caused the suspension of operations of the US Gulf oil and gas facilities.
The large-scale power outage caused by the storm also caused the suspension of export facilities and production facilities in Louisiana.
This led to a reduction in US fertilizer imports, and fertilizer and agrochemical giants.
A local fertilizer company suspended production for five weeks, and these factors have caused the U.
S.
fertilizer prices to skyrocket
.
Such as nitrogen fertilizer and potash fertilizer prices have risen to 700 or even more than 800 US dollars / ton
.
There are even rumors in the market that due to the reduced supply of raw materials for fertilizer production, the price of ammonia may rise to around US$1,200 per ton
.
Considering that corn is more dependent on chemical fertilizers than other crops, this may prompt American farmers to reconsider planting decisions, reduce planting acreage or reduce fertilization, which will lead to lower US corn supply next year than current expectations
.
.
Rain in the Midwest of the U.
S.
slows down corn harvest
S.
slows down corn harvest
The US Department of Agriculture's weekly crop progress report shows that as of October 24, the US corn harvest progress reached 66%, 70% in the same period last year, and the five-year average was 53%
.
Analysts expect a gain of 65%
.
In the past week, large-scale moderate to heavy rains occurred in most areas of the corn belt in the United States, with rainfall ranging from 2 to 4 inches, with greater rainfall in southern Iowa and northern Missouri eastward, as well as southern Michigan and northwest Ohio
.
Farmers will not resume harvesting until next week
.
The US Department of Agriculture's weekly crop report next Monday may show that harvest progress has slowed significantly
.
.
Analysts expect a gain of 65%
.
In the past week, large-scale moderate to heavy rains occurred in most areas of the corn belt in the United States, with rainfall ranging from 2 to 4 inches, with greater rainfall in southern Iowa and northern Missouri eastward, as well as southern Michigan and northwest Ohio
.
Farmers will not resume harvesting until next week
.
The US Department of Agriculture's weekly crop report next Monday may show that harvest progress has slowed significantly
.
U.
S.
corn exports are still slow, and Chinese buyers die out
S.
corn exports are still slow, and Chinese buyers die out
The US Department of Agriculture’s weekly export sales report shows that for the week ending October 21, 2021, the US’s 2021/22 net corn sales were 890,400 tons, a decrease of 30% from last week and a decrease of 10% from the four-week average
.
So far this year, the total US corn export sales have reached 29,784,700 tons, a decrease of 2.
6% over the same period last year
.
.
So far this year, the total US corn export sales have reached 29,784,700 tons, a decrease of 2.
6% over the same period last year
.
Since the large purchase of US corn in May, Chinese buyers have been absent from the US market for a long time
.
China's domestic corn demand has declined, as the loss of pig farming has severely affected feed demand, leading many analysts to lower China's corn import demand for the 2021/22 season
.
However, some analysts pointed out that China's corn imports are still profitable
.
However, considering the current corn harvest season in China, China usually suspends its purchase of corn from overseas at this time
.
.
China's domestic corn demand has declined, as the loss of pig farming has severely affected feed demand, leading many analysts to lower China's corn import demand for the 2021/22 season
.
However, some analysts pointed out that China's corn imports are still profitable
.
However, considering the current corn harvest season in China, China usually suspends its purchase of corn from overseas at this time
.
Rainfall in South American corn-producing areas is beneficial to crop planting and early growth
In South America, recent rains in Brazil's agricultural production areas have facilitated corn planting and initial growth
.
According to the Brazilian National Commodity Supply Company (CONAB), as of October 23, the first season corn planting progress reached 37.
6%, compared with 39.
5% in the same period last year
.
The rainfall forecast in the next few days will be beneficial to crop growth
.
Brazil’s National Meteorological Service (IMNET) stated that the rainfall between October 26 and November may be concentrated in the area east of Mato Grosso Sul, with rainfall between 50 mm and 100 mm
.
.
According to the Brazilian National Commodity Supply Company (CONAB), as of October 23, the first season corn planting progress reached 37.
6%, compared with 39.
5% in the same period last year
.
The rainfall forecast in the next few days will be beneficial to crop growth
.
Brazil’s National Meteorological Service (IMNET) stated that the rainfall between October 26 and November may be concentrated in the area east of Mato Grosso Sul, with rainfall between 50 mm and 100 mm
.
Chinese demand boosts Canadian barley export growth
Statistics Canada’s data shows that although Canadian barley production is reduced, in the first 10 weeks of 2021/22 (August to July), Canada’s barley exports were 540,000 tons, which was a record high from 514,000 tons in the same period last year.
The highest level in the same period since 2013/14 because of strong Chinese demand
.
From July to August, Canada exported 444,000 tons of barley to China
.
Preliminary data from China Customs shows that China’s barley imports in September were 1.
51 million tons, up from 690,000 tons in August, setting the highest single-month import record since 2015
.
The Counselor’s Report issued by the US Department of Agriculture’s Overseas Agricultural Service earlier this month showed that China’s barley imports in the year 2021/22 are expected to be 10.
5 million tons, an increase of 900,000 tons
.
The highest level in the same period since 2013/14 because of strong Chinese demand
.
From July to August, Canada exported 444,000 tons of barley to China
.
Preliminary data from China Customs shows that China’s barley imports in September were 1.
51 million tons, up from 690,000 tons in August, setting the highest single-month import record since 2015
.
The Counselor’s Report issued by the US Department of Agriculture’s Overseas Agricultural Service earlier this month showed that China’s barley imports in the year 2021/22 are expected to be 10.
5 million tons, an increase of 900,000 tons
.
EU corn production is expected to be lowered
The European Commission released monthly supply and demand data on Friday, lowering the forecast for EU corn production in 2021/22 to 67.
8 million tons, which is 1 million tons lower than the forecast a month ago
.
Despite the lower production, the EU corn import forecast for 2021/22 remains unchanged at 14.
5 million tons
.
This month, the EU’s corn feed industry consumption was increased to 64.
1 million tons, 500,000 tons higher than earlier expectations; this resulted in ending stocks falling to 14.
90 million tons, down 1.
3 million tons from last month
.
8 million tons, which is 1 million tons lower than the forecast a month ago
.
Despite the lower production, the EU corn import forecast for 2021/22 remains unchanged at 14.
5 million tons
.
This month, the EU’s corn feed industry consumption was increased to 64.
1 million tons, 500,000 tons higher than earlier expectations; this resulted in ending stocks falling to 14.
90 million tons, down 1.
3 million tons from last month
.
Analysts at the Commonwealth Bank of Australia said that the market has some concerns about the corn harvest in Europe because the price of natural gas is very high, which affects corn drying
.
.
