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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.