The price raised from the US $ 335.50 on May 13 to the US $ 414.62 at the end of this month, after that dropped for three consecutive months.
Market experts in the US Department of Agriculture believe that corn production will increase throughout 2019 and 2020. This increase in supply will occur under conditions where demand will increase in parallel. The demand will be in the markets for animal protein products and non-food products.
Meanwhile, China will be looking for more competitive prices. But Japan will experience only 100,000 tons of demand over the course of the aforementioned period.
Kenya and Mexico will increase their corn imports by 1.1 and 1 million tons, respectively and Iran will record demand of 10.5 million tons in 2019 and 2020, with an increase of 1 million tons over the same period. The increase in feed intake in this country will be the main reason for this demand.
It is expected that imports of corn in South Korea, Turkey and Vietnam will also increase slightly from previous forecasts.
But in the same market, the European Union and Indonesia will reduce imports of this product by 3.5 million and 400 thousand tons, respectively.