Corn prices in Ukraine fall on expectations of a good harvest and falling export demand

tons were harvested with a yield of 5.4 tons/hectare, although last year at this time 10.6 million tons were threshed from 48% of the area with a yield of 5.58 tons/hectare. Export demand prices for corn in Ukraine decreased by another $2-3/t to $202-204/t with delivery to Black Sea ports during the week, but prices in hryvnia remained at the level of UAH 9,500-9,600/t due to the increase in the dollar exchange rate against the hryvnia by 1.2% during the week. Corn supply is growing slowly as farmers are busy harvesting sunflowers and soybeans and planting winter wheat in anticipation of more rainfall expected in the next 7-10 days. We therefore expect a new wave of increased corn demand from exporters in the coming weeks. According to Platts, the price of Ukrainian corn on October 6 was $213/t FOB Black Sea ports for delivery in the first half of November, which is $28/t less than two months ago, as the world market is under strong pressure from cheap American and Brazilian corn. ...