The prices of new-crop corn have continued growing in deep-sea ports of Ukraine since the start of the current week. Moreover, the appreciation accelerated.
“The prices are supported by further reduction of crop prospects in Ukraine and appreciation of futures amid lowering of global corn output by USDA (mainly on account of USA, EU and Ukraine). At the same time, many market participants expected more severe downward revision. The high Chinese demand for corn additionally supports the Ukrainian prices”, - the head of the local markets department of APK-Inform, Anna Tanskaya commented.
Last week, the bid prices increased by 150-250 UAH/t in the deep-sea ports. The prices grew by 300 UAH/t over the first two days of the current week to 5900-6200 UAH/t СРТ-port as of the morning of September 23.
“The prices were additionally supported by upward revision of corn export in the world by USDA (on account of USA - to 58 mln tonnes and Brazil - to 39 mln tonnes). The experts lowered export prospects for the EU to 2.7 mln tonnes and Russia to 3.9 mln tonnes that gives some chances to Ukraine. USDA expects Ukraine to export 32.5 mln tonnes of corn, however, some experts consider this figure to be overestimated. APK-Inform forecast corn export from Ukraine at 28.5 mln tonnes”, - A.Tanskaya mentioned.
