Corn prices down 2.5% as wheat sheds 0.8%

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Corn price went down 2.5 percent for the week ended May 31 just as the Chicago Board of Trade (CBOT) wheat prices suffered 0.8 percent loss, according to various reports monitored by businessamlive.com
The US corn export prices lost $4 per metric tonne for June delivery while Argentinean corn supply prices went down $6 per metric tonne. Wheat export spot price was also down at $3 per metric tonne.
The price reduction for corn was occasioned by pessimism in the market regarding further trade relations between the USA and China, as well as between the USA, Canada and Mexico, given the new import tariffs for aluminum and steel for NAFTA countries.
Moreover, the pressure on prices was provided by information on gradual completion of corn sowing in the USA. Sowing campaign is coming to an end amid favourable weather conditions in the Corn Belt of the U.S.
In Brazil, the attention shifted from the weather factor to the strike of truck drivers. Despite the government’s decision to subsidise diesel prices, which drivers considered too high, the strike continued to hamper exports of commodities from Brazil.
French wheat supply prices on the other hand continued to grow at $2 per metric tonne on weather support as well as improving wheat exports from the EU countries.
Wheat market remains under the influence of weather conditions in several top wheat exporting countries as dry weather was seen in the Black Sea countries and Australia.
In the U.S., rains were observed only in the north of the Plains and in the Corn Belt.
Fears for the future crop are high in the western part of the EU due to excessive precipitation and hail in France. Frosts were seen in producing regions of Argentina and favourable conditions for crops development were seen only in Canada and India, where long-awaited rains began.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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