Corn prices in Ukraine remain under the pressure of falling global quotations

Last week, corn prices in Ukraine fell against the background of a decrease in export demand and global quotations. Purchase prices in the Black Sea ports fell by another $4-5/t to $144-150/t, but hryvnia prices rose by UAH 50-100/t to UAH 6,050-6,200/t against the backdrop of sales restraint by producers. Farmers mostly sold soybeans and wheat, prices of which also fell, but not as much as corn and sunflowers. World corn quotes are falling in anticipation of the new USDA report, from which analysts do not expect significant changes. March corn futures on the Chicago Mercantile Exchange fell 2.2% for the week to $171/t (-37% year-to-date), the lowest level since November 2021. Prices are also being pressured by high rates of second-crop corn planting in Brazil amid favorable weather. According to the AgRural agency, as of February 1, 27% of the planned area (+11% for the week) was sown with second-crop corn in Brazil, which is a week ahead of last year's pace. Active sowing will ...