Thu, 23 Feb 2012 04:10:00 +0400
Stock exchange news, corn. February forecast of US Ministry of Agriculture on world corn production during the season 2011/12 has dropped by 3.95 mln. tons to 864.11 mln. tons, which still remains a record high figure. Till next crop global stocks of corn in Northern hemisphere will be lower than expected, as dry weather has destroyed a part of crop in South America.
The largest production growth is observed in the EU (by 210 ths. tons up to 64.52 mln. tons). At the same time Argentine’s production has dropped by 4 mln. tons to 22 mln. tons, whereas in China the figure remained at the point mentioned in January forecast – 191.75 mln. tons. Despite the fears of experts, corn crop is Brazil is expected to be at the point of previous month – 61 mln. tons, which considerably exceeds last year’s result (57.5 mln. tons).
During the season of 2011/12 global corn export is expected to amount to 94.93 mln. tons, just as predicted in January. However, in this reference, US export may rise by 1.27 mln. tons up to 43.18 mln., and in Ukraine it may rise by 2 mln. tons up to 14 mln. tons. However, Argentine’s export will drop by 4.5 mln. tons up to 14 mln. tons.
The forecast on global ending stocks of corn has dropped by 2.79 mln. tons to 125.35 mln. tons. This is the lowest point since the season of 2006/07 when ending stocks amounted to 110.217 mln. tons. The shortage of stocks will mostly happen due to the USA (by 1.14 mln. tons to 20.35 mln. tons). EU countries will experience considerable rise of ending stocks (by 0.71 mln. tons up to 5.91 mln. tons).
Experts have already called this February forecast on corn as neutral, for global and US ending stocks have approved higher than expected by experts and traders.
Last week corn and wheat have dropped in price after USDA report, which predicted sufficient world stocks of grain despite non-favourable weather conditions in South America and Black Sea region.
According to the analysts of the Department of Derivatives Trading within Masterforex-V Academy, farmers may lose an opportunity to sell corn by the price that is higher than historic norms. Strongly set dollar favours price drop.
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At tis point, the biggest event in the global oil market is the latest OPEC summit. This is believed to be the major reason why crude oil prices keep on going down. Well, it is hard to disprove this supposition since the price started instantly falling down after the OPEC announced its decision to remain its oil production unchanged at 30 million barrels a day. This took place during the latest summit in Vienna on November, 27th.
The Secretary General of the OPEC says the OPEC’s decision to leave their oil production volume unchanged is not aimed at hurting any particular country, including Russia and Iran. This is what Market Leader reports.
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In particular, the financial experts working or Fitch Ratings assume that the global GDP is going to remain unchanged this year at the level of 2,5% while the growth rate in 2015 and 2016 are expected to reach 2,9% (+0,4%) and 3% (+0,5%) respectively.
The US stock index futures are still going up in value. The tendency has been underway since yesterday, when the Fed’s Janet Yellen gave everyone to understand that the probability of interest rate hikes within the cope of the next 2 FOMC meeting is close to zero.
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