CHICAGO CORN MARKET was up again today. It was downed market all day long until USDA reported that another corn export sales to Mexico again. This time 197K TONS…No one really talks about why US corn exports to Mexico so much in this year but it surely has some kind of tendency for sure. Then, rallied to the end with strong export numbers and some technical buying.
The average CZ24 price is $4.19 in October so far, meaning that there are 47 cents per bushel lower than USDA’s crop insurance base price set up at last February, whomever signed this insurance program last spring, would get huge government money for it. However, there are still two more weeks to go for October.
South America will have another rains starting from this weekend to the end of the week which is huge benefits for new crop planting.
CHICAGO WHEAT MARKET was up again today. SRW PRICE was up by 0.8%, HRW PRICE was up as 1.2% and HRS PRICE was up 1.3%. Russian government announced another state of the emergency for the drought today. KRUSK state in Russia now in the emergency, which is another big agricultural growing regions.
Meantime, Russian exporters and international trading companies are awaiting a kind of signals on how the market would accept those higher export tax and $250/MT of minimum export price policy.
