Futures Close Report 5th May
EU has increased its maize import tariff to €10.4 per tonne from the previous €5.27 in line with its rolling price average formula.
Ukraine will set their export cap for 20/21 in July – current year cap was set at 20.2 million tonnes of which circa 19.1 million tonnes has been completed – (season runs to end June). However, harvest forecast for next year are considerably lower which with export forecasts for next year in the 12=15 million tonne range.
Concerns building over drought conditions in Brazil affecting the second corn crop, damaging yields and lowering overall output.