Corn prices in Ukraine are falling on expectations of a good harvest and a drop in export demand.

Improved weather in Ukraine following prolonged rains has allowed for the acceleration of sunflower, soybean, and corn harvesting, which traders hope will sharply increase corn supply, thus driving down purchase prices. As of October 9, only 15% of the area, or 590,000 hectares, of corn crops had been harvested in Ukraine, with 3.4 million tons collected at a yield of 5.4 t/ha, whereas at this time last year, 48% of the area had been harvested, yielding 10.6 million tons at a yield of 5.58 t/ha. Export demand prices for corn in Ukraine decreased by another $2-3/t to $202-204/t with delivery to Black Sea ports over the week, but prices in hryvnia remained at 9,500-9,600 UAH/t due to the dollar appreciating by 1.2% against the hryvnia over the week. Corn supply is growing slowly because farmers are busy harvesting sunflower and soybeans, as well as sowing winter wheat, trying to finish before new rainfall predicted for the next 7-10 days. Therefore, we expect a new wave of increased ...