Last Updated : 05 December 2012 at 15:00 IST
EU Corn imports may hit second highest on record
In NYSE Liffe in Paris corn surged 28 percent this year, outpacing the 17 percent increase on the Chicago Board of Trade. U.S. futures reached a record $8.49 on Aug. 10 and averaged $6.86 since the start of January, exceeding last year’s all-time high.
By Col. Ajay
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UKRAINE(Commodity Online): Imports of corn in European Union may hit the second highest on record this season. The licence to import 3.6 million metric tons of corn has been issued by EU since the marketing year began on July 2.
This is more than twice the amount a year ago, according to data from the 27-nation bloc in a report. The purchase will reach10 million tons, a rise of 59 percent. This is the second highest for data to 1999,as per the International Grains Council. Shipments may reach 12 million tons this season.
EU buyers are competing in a market roiled by dry weather from Australia to Europe to the U.S. Wheat prices are also surging on concerns over the demand boost demand for EU supply due to run out of grain from the Black Sea region. Licenses to export wheat rose 34 percent in the past four weeks,according to data from European Commission.
“There were problems in the southern areas, especially Romania, where crops looked very poor, and in Italy and Hungary as well,” says Nathan Kemp, an economist with the London-based IGC in a Bloomberg report. “There’s a shortfall this year, plus with the wheat market price differential, it makes sense to export wheat, so that takes it away from feed channels,” he added.
In NYSE Liffe in Paris corn surged 28 percent this year, outpacing the 17 percent increase on the Chicago Board of Trade. U.S. futures reached a record $8.49 on Aug. 10 and averaged $6.86 since the start of January, exceeding last year’s all-time high. The Standard & Poor’s GSCI Agriculture gauge of eight commodities rose 11 percent this year.
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