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Global Grain Market: Exports from the U.S. Gulf resumed, and corn prices mostly rose　

 Last Update: 2021-09-28
 Source: Internet
 Author: User

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Foreign media news on September 26: In the week ending September 24, 2021, most of the global food market prices rose, as exports from the U.
S.
Gulf continued to recover from Hurricane Ida and international crude oil futures rose strongly
.
However , the beginning of the corn harvest in the United States , seasonal harvest pressure has appeared, restricting the room for corn prices to rise .

On Friday, the Chicago Board of Trade (CBOT) December 2021 corn futures fell 0.
5 cents or 0.
1% from a week ago to close at 526.
75 cents/po
.
The spot price of Meiwan No.
2 yellow corn was 6.
0675 US dollars per bus, up 4 cents from a week ago
.
The corn futures for delivery in November 2021 on the EURONEXT exchange closed at about 223.
50 euros/ton, up 5.
5 euros or 2.
5% from a week ago
.
The FOB spot price of Argentine corn in Shanghe was US$245/ton, the same as last week
.
The January corn futures on the Dalian Commodity Exchange closed at 2,485 yuan/ton, up 48 yuan or 2% from a week ago
.

International crude oil futures continued to rise strongly this week, and the market is still digesting the long-term effects of supply disruptions
.
Last week, US crude oil inventories hit a three-year low
.
In order to meet the needs of refineries, crude oil inventories may fall further
.
On Friday, the New York Mercantile Exchange (NYMEX) West Texas Intermediate Crude Oil (WTI) November contract was quoted at 73.
98 yuan per barrel, up 3.
1% from a week ago
.
ICE's November Brent crude oil futures closed at $78.
09 per barrel, up 3.
7% from a week ago
.

On Friday, the US dollar index closed at 93.
28 points, up 0.
1% from a week ago
.

　　Following the landing of Hurricane Ida on the coastal areas of Louisiana at the end of August, the US Gulf export facilities continued to gradually recover
.
Currently, five export facilities are back in operation, and two more facilities will be back in operation next week, which will help support a rebound in corn prices
.
The US Department of Agriculture's weekly export inspection report shows that as of the week of September 16, the US corn export inspection volume was 15.
9 million cats, an increase of 153% from a week ago
.
The United States is about to usher in the peak season for agricultural exports next month
.

　　The US Department of Agriculture's weekly export sales report continues to reflect the complex situation faced by Gulf Logistics
.
As of the week of September 16, US corn sales and exports for the 2021/22 season were both lower than the same period last year
.
However, the situation has improved, with net sales increasing by 51% compared to a week ago
.
The total US corn export sales in the 2021/22 year to date is 24.
95 million tons, an increase of 10.
4% year-on-year
.
Industry insiders pointed out that once the export facilities resume operations, corn exports and sales in the US Gulf are expected to rebound strongly
.

　　At present, the US corn is rapidly approaching the peak harvest period, and the weather at the beginning of this week will help the crop to mature early
.
As of September 19, the US corn maturity rate was 57%, higher than the average of 47% in mid-September
.
So far, the US corn harvest is about 10%, which is in line with the seasonal average
.
However, it is worth noting that the harvest progress in major producing states including Illinois, Indiana, Iowa and Minnesota is 3% to 6% higher than normal
.
However, rains are expected in the eastern corn planting belt this week, which may slow down local harvesting activities
.

　　According to data from the General Administration of Customs of China, China's corn imports in August 2021 increased to 3.
23 million tons, a surge of 221% over the same period last year
.
From January to August, China's corn imports were 21.
4 million tons, a year-on-year increase of 284%
.
However, corn imports in September may decrease because Hurricane Ida delayed U.
S.
exports
.

　　This week, the International Grains Council (IGC) raised its forecast for global corn production in 2021/22 to a record 1.
209 billion tons, which is 7 million tons higher than last month's forecast due to improved production prospects in the United States and Ukraine
.
U.
S.
corn production is expected to be 380.
3 million tons, higher than the 374.
7 million tons previously forecast, but slightly lower than the current USDA forecast of 380.
9 million tons
.
Ukraine’s corn production is expected to be 38.
5 million tons, higher than the 37.
3 million tons predicted by IGC last month
.

　　In South America, the consulting firm AgRural said that as of September 16, 22% of the first season corn planting in central and southern Brazil in 2021/22 had been completed, which was an increase of 6% from a week ago and was 23% in the same period last year
.
Rainfall in the three southern states facilitated the emergence and early growth of crops, but did not significantly affect the planting schedule
.
In Argentina, 8% of corn planting is completed, and the planted area is expected to increase to 7.
1 million hectares, up from 6.
6 million hectares in the previous year
.

　　The Brazilian Association of Grain Exporters ANEC stated on September 21 that Brazil’s corn exports in September may reach 2.
78 million tons, lower than last week’s forecast of 2.
924 million tons
.
From January to September this year, the export volume will reach 12.
912 million tons
.
From January to August this year, Brazil’s corn exports were 10.
283 million tons, lower than 14.
34 million tons in the same period last year
.

　　Brazil’s Ministry of Economy cancelled corn imports this week, the Brazilian Ministry of Agriculture officials said that within 90 days from September 20, Brazil will abolish corn import taxes
.
The reduction in corn production in Brazil this year has prompted the country to take measures to expand imports, such as approving the import of genetically modified corn from the United States
.

　　In Europe, the pace of corn harvesting has been slow because of the shortage of natural gas and the high price of energy used to dry new corn
.

Prices for exporting U.
S.
corn

　　On Friday, the US dollar index closed at 93.
28 points, up 0.
1% from a week ago
.

　　In Europe, the pace of corn harvesting has been slow because of the shortage of natural gas and the high price of energy used to dry new corn
.

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