Corn prices in US fall to 3.5-year low

US corn prices are at lowest for the last three and a half years, Agritel reports.

"A part of the 130 mln t used by the ethanol sector will have to find other outlets. As well, the US corn acreage should be large in the next season," the report reads.

US markets were gloomy yesterday, the consultancy writes. The current US wheat and corn export pace disappoint traders at a time the ethanol demand is plunging.

Weekly export sales have been displayed as follow:

• 969 500 t of corn, in the range of expectations;
• 304 700 t of soybean, below expectations.

Earlier it was reported that Ukrainian corn continues falling in price, supply prices for May shipments have dropped to 176-177 USD/t FOB, while demand remains low. Grain export shipment from Ukraine has grown to 48.14 mln t since the start of 2019/20 (July 2019 – June 2020). Corn supply has reached 24.6 mln t, 11% more y-o-y.