Export prices of maize remain subdued

International maize prices

The benchmark US maize (No.2, Yellow, f.o.b.) averaged USD 157 per tonne, 1 percent lower than in March and 4 percent down from the corresponding month in 2016. Prices were pressured downwards by ample supplies and prospects of strong export competition from Southern Hemisphere countries, where bumper crops are expected. However, planting delays in some Northern Hemisphere countries, due to heavy rains in the first half of April, limited the decline in prices. Elsewhere, prices remained relatively unchanged. In Argentina, export prices were supported by harvest delays due to heavy rains, with forecasts still pointing to a record output. In the Black Sea region, stronger currencies kept export quotations virtually unchanged despite a slowdown in exports.