Maize prices with 14-months top
The maize prices today reached a maximum 14-month global commodity exchanges, Itar-Tass. Today at 13 hours (local time) the price of corn on the Chicago Stock Exchange rose by 2% compared to late last week to 4.45 dollars per bushel (27.3 kg). The main reason are the latest projections by industry experts that provide lower crop of corn than expected in the U.S. (which is the largest producer and exporter of maize in the world) and other countries. The latest data in the regions of the U.S. Midwest growing the most corn, lately there is a shortage of moisture in the soil. Unfavorable conditions for ripening of the main forage crop can be seen in many areas of Argentina and Australia. As a result of that, experts from the World Grains Council does not exclude the possibility of maize crop in the world to be lower than estimated just a month earlier. Last week the World Grains Council revised downwards its forecast for the yield of wheat in the world. Meanwhile, demand side of corn in world markets continues to be significant, mainly due to major floods in China, where huge areas were destroyed with the main forage crop.
The increase is quite high for the strong season, but the fires in Russia and now rains in Europe supported this increase.
Tags: 14-months top, Maize, Maize prices