WHEAT. During May 03-10, CBOT wheat prices went down 3.42%, reports UkrAgroConsult.
The futures were pressured by a technical factor - the market recovered after a steep increase a week before. What is more, market operators were looking forward to May USDA report publication, in which they expected to see an increase in the US wheat ending stocks estimates for the current season, as well as a reduction of export forecast.
Export estimates for the 2017/18 season were lowered by 400 KMT to 24.77 MMT, and weak weekly data on the US wheat export contraction appeared to be another confirmation. USDA experts increased wheat ending stocks estimates for the USA (29.13 MMT) for several consecutive months. However, the market was disappointed the most by high estimates of winter HRW wheat production in 2018, as well as by the first forecast of wheat ending stocks in the 2018/19 season, which exceeded average market expectations.
CORN. Over the period under review (May 03-10), CBOT corn futures lost 0.35%.
The USDA experts cut the world’s corn ending stocks estimate for the current season (-2.97 MMT to 194.85 MMT), as well as the forecast for season 2018/19 (-35.7 MMT in comparison with the current marketing year), despite the expected growth of the world’s production. Market participants expected that for the 2018/19 season, the world's final stocks will not be lower than for the current season, due to recovery of production in South American countries.
However, the effect of these adjustments was offset by low weekly volume of the US corn exports (during April 26 - May 03, 695.6 KMT were contracted, compared to 1020 KMT the previous week).
Check up prices and enjoy free online charts on UkrAgroConsult’s website. Daily updated commodity exchange prices (CBOT, ASX, BCE, MATIF, WCE, LIFFE) and cash market quotations for wheat, corn, barley, soybean, sunflower and other agricultural commodities in Ukraine, Black Sea region and world are available in section "Prices and Futures".
More information on price behavior on grain export and domestic market in the countries of Black Sea region is available to subscribers for weekly market report "Black Sea Grain" and "Online market review" by UkrAgroConsult.
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