Corn futures on the Chicago Stock Exchange were rising for the second day in a row on February 9, adding 0.3% to reach a new seven-year high ($5.66 a bushel) amid expectations that the US government will cut its forecast for domestic stocks due to increased demand from China.
This is reported by Bloomberg.
Analysts believe the USDA will cut its corn and soybean stock assessment by 11% and 14%, respectively, in its monthly supply and demand report. China, the world's largest pork producer, is importing record volumes of both crops to support its recovering pig industry.
Soybeans for March delivery rose 0.9% to $14 a bushel.
In the other crops markets, rapeseed futures in Paris rose 0.8% to 448.25 euros ($541) per tonne, breaking a seven-year high. On February 9, the Ministry of Agriculture of France lowered the sowing estimates for the 2021 season, making the area its smallest since 1997.
Wheat futures for March fell in Chicago and little changed in Paris.
Additionally. The volume of grain exports from Ukraine from the beginning of the 2020/21 marketing year as of January 6 amounted to 26.4 million tons, and that is 16% less than last year. This is evidenced by the data of the State Fiscal Service.
Since the beginning of the season 12.5 million tons of wheat have been exported, and that is 17% less than in the previous season. Barley supplies remained at the level of the previous year and amounted to 3.77 million tons. 1.7 thousand tons of rye was exported (minus 66%). During the reporting period, 9.73 million tons of corn (minus 21%) were delivered to foreign markets.