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Grain prices Maize cereal export prices
On Friday, the Chicago Board of Trade (CBOT) closed at about $6.
85/2022 in the December 2022 corn futures, up 2.
89%
from a week ago.
Spot quotes for Meiwan 2 yellow corn in the October shipment were $7.
90 per pu, up 3.
17% from a week ago; EuroNEXT's November 2022 corn period closed at around €328/mt, up 3.
72%
from a week ago.
Argentine corn was quoted at $298/mt at FOB on the Upper River, up 3.
47%
from a week ago.
On Friday, the Dalian Commodity Exchange reported a corn period of about 2,795 yuan / ton in November 2022, up 1.
01%
from a week ago.
85/2022 in the December 2022 corn futures, up 2.
89%
from a week ago.
Spot quotes for Meiwan 2 yellow corn in the October shipment were $7.
90 per pu, up 3.
17% from a week ago; EuroNEXT's November 2022 corn period closed at around €328/mt, up 3.
72%
from a week ago.
Argentine corn was quoted at $298/mt at FOB on the Upper River, up 3.
47%
from a week ago.
On Friday, the Dalian Commodity Exchange reported a corn period of about 2,795 yuan / ton in November 2022, up 1.
01%
from a week ago.
International crude oil futures fell
slightly this week.
Russia said it would stop exporting energy to countries that impose price caps, helping to offset concerns about
a slowing global economy and energy demand.
The New York Mercantile Futures Exchange's (NYMEX) West Texas Intermediate Crude (WTI) October contract closed at $86.
79 a barrel, down 0.
09 percent
from a week ago.
Global benchmark November Brent crude futures were quoted at $92.
84/b, down 0.
19%
from a week ago.
The ICE dollar index closed at 108.
997 on Friday, down 0.
47 percent from a week ago and down for the first time in four weeks
.
slightly this week.
Russia said it would stop exporting energy to countries that impose price caps, helping to offset concerns about
a slowing global economy and energy demand.
The New York Mercantile Futures Exchange's (NYMEX) West Texas Intermediate Crude (WTI) October contract closed at $86.
79 a barrel, down 0.
09 percent
from a week ago.
Global benchmark November Brent crude futures were quoted at $92.
84/b, down 0.
19%
from a week ago.
The ICE dollar index closed at 108.
997 on Friday, down 0.
47 percent from a week ago and down for the first time in four weeks
.
Russia questioned the Black Sea grain export deal
Russian President Vladimir Putin said at a meeting on Sept.
7 that the U.
N.
-brokered agreement on grain exports to Ukraine was a deception to Russia and developing countries because most of the grain has so far not been shipped to the poor developing countries that need food the most, but to the European Union
.
He said Russia would consider amending the terms of the agreement to restrict grain exports to the EU
.
Putin added that Russia signed the Black Sea grain export agreement under the mediation of Turkey and the United Nations in hopes of easing rising pressure on soaring food prices in developing countries, but in the end it was the rich Western countries that took advantage of the agreement
.
Only two of the 87 ships (departing from Ukraine's Black Sea ports) carry 60,000 tons of products to poor countries
.
Data from the Joint Coordination Centre (JCC), which oversees grain exports in the Black Sea, shows that 30 per cent of cereal exports go to poor countries
.
Since Ukraine is the world's leading corn exporter, if the agreement changes, it may lead other buyers to switch to corn from other sources, resulting in a tight
supply of corn.
7 that the U.
N.
-brokered agreement on grain exports to Ukraine was a deception to Russia and developing countries because most of the grain has so far not been shipped to the poor developing countries that need food the most, but to the European Union
.
He said Russia would consider amending the terms of the agreement to restrict grain exports to the EU
.
Putin added that Russia signed the Black Sea grain export agreement under the mediation of Turkey and the United Nations in hopes of easing rising pressure on soaring food prices in developing countries, but in the end it was the rich Western countries that took advantage of the agreement
.
Only two of the 87 ships (departing from Ukraine's Black Sea ports) carry 60,000 tons of products to poor countries
.
Data from the Joint Coordination Centre (JCC), which oversees grain exports in the Black Sea, shows that 30 per cent of cereal exports go to poor countries
.
Since Ukraine is the world's leading corn exporter, if the agreement changes, it may lead other buyers to switch to corn from other sources, resulting in a tight
supply of corn.
La Niña weather could threaten South America's corn yield prospects
Meteorological reports released this week by a number of weather agencies show that la Niña is likely to continue this year's northern hemisphere winter time
.
The Japan Meteorological Agency said friday that the chance of La Niña continuing into the northern hemisphere winter is 70 percent
.
The National Weather Service's Climate Prediction Center (CPC) estimates that La Niña will continue from September to December with a 91 percent
chance.
However, CPC lowered the likelihood that La Niña would last until 2023, arguing that the chance of a continued presence of La Niña from January to March 2023 was 54%, down from the 60%
previously forecast.
.
The Japan Meteorological Agency said friday that the chance of La Niña continuing into the northern hemisphere winter is 70 percent
.
The National Weather Service's Climate Prediction Center (CPC) estimates that La Niña will continue from September to December with a 91 percent
chance.
However, CPC lowered the likelihood that La Niña would last until 2023, arguing that the chance of a continued presence of La Niña from January to March 2023 was 54%, down from the 60%
previously forecast.
La Niña weather often brings hot and dry weather to the corn-producing regions of southern Brazil, resulting in reduced corn production
.
Considering that corn in Europe and the United States has already been damaged by the weather this summer, the uncertainty brought about by the La Niña phenomenon has added some weather rise
to corn prices.
In fact, even with normal weather in South America, global production growth will struggle to keep up with demand
growth.
.
Considering that corn in Europe and the United States has already been damaged by the weather this summer, the uncertainty brought about by the La Niña phenomenon has added some weather rise
to corn prices.
In fact, even with normal weather in South America, global production growth will struggle to keep up with demand
growth.
Brazilian government agencies lowered their forecasts for maize production in Brazil
Brazil's National Commodity Supply Company (CONAB) on Thursday (September 8) expected Brazil's maize production in 2021/22 to be 113.
3 million tonnes, down from the August forecast of 146.
9 million tonnes but up 30.
1%
from 2020/21.
CONAB expects Brazil's total maize exports to be 37 million tonnes in 2022, 500,000 tonnes less than the August forecast, but up 78%
from 20.
8 million tonnes in 2020/21.
3 million tonnes, down from the August forecast of 146.
9 million tonnes but up 30.
1%
from 2020/21.
CONAB expects Brazil's total maize exports to be 37 million tonnes in 2022, 500,000 tonnes less than the August forecast, but up 78%
from 20.
8 million tonnes in 2020/21.
The industry expects the USDA to lower its U.
S.
corn production forecast
S.
corn production forecast
On Monday (September 12), the USDA will release a supply and demand report
.
Industry insiders generally believe that the USDA will reduce the US corn yield by 2 to 4 pu/acre
.
Analysts on average estimated U.
S.
corn production in 2022 at 14.
088 billion pu, down from the USDA's August forecast of 14.
359 billion poules
.
Analysts expected the average U.
S.
corn ending stocks for 2022/23 at 1.
217 billion, down from the USDA's August forecast of 1.
388 billion.
.
Industry insiders generally believe that the USDA will reduce the US corn yield by 2 to 4 pu/acre
.
Analysts on average estimated U.
S.
corn production in 2022 at 14.
088 billion pu, down from the USDA's August forecast of 14.
359 billion poules
.
Analysts expected the average U.
S.
corn ending stocks for 2022/23 at 1.
217 billion, down from the USDA's August forecast of 1.
388 billion.
It is worth mentioning that informa, a well-known analyst firm, predicted that the average yield of corn in the United States in 2022 was 171.
6 bush/acre this month, lower than the company's August 5 forecast of 176.
9 bush/acre
.
U.
S.
corn production in 2022 is expected at 14.
040 billion pu, down from 14.
497 billion poo
predicted last month.
6 bush/acre this month, lower than the company's August 5 forecast of 176.
9 bush/acre
.
U.
S.
corn production in 2022 is expected at 14.
040 billion pu, down from 14.
497 billion poo
predicted last month.
For comparison, the U.
S.
Department of Agriculture predicted an average U.
S.
corn yield of 175.
4 bushes per acre and 14.
359 billion bushes in its August 12 monthly report; ProFarmer's August 26 yield estimates showed that this year's U.
S.
corn yield averaged 168.
1 bushes per acre, and corn yields are expected to be 13.
759 billion bushes
.
S.
Department of Agriculture predicted an average U.
S.
corn yield of 175.
4 bushes per acre and 14.
359 billion bushes in its August 12 monthly report; ProFarmer's August 26 yield estimates showed that this year's U.
S.
corn yield averaged 168.
1 bushes per acre, and corn yields are expected to be 13.
759 billion bushes
.
