World corn prices continue upward

At the close of trading on June 24th at Chicago Mercantile Exchange (Chicago Mercantile Exchange), corn quotations climbed to USD 175.8 per ton compared to USD 174.1 per ton at previous sessions, the APK-Inform consultancy reports.

"Price growth was again driven by continued severe weather conditions in the U.S. corn belt, with continued heavy rainfall. Herewith, in a number of states (Kansas, Illinois, North Dakota) agrarians reported about flooding of grain crops," analysts note.

In the current situation, USDA experts reduced the estimate of corn crops in good and excellent condition to 56 percent vs. 59 percent a week earlier, which is significantly lower than in the corresponding period last year (77 percent).

As at June 23rd, 99 percent of corn areas in the United States were planted. In 2018, corn planting in the country was complete by June 9th.