Purchase prices for corn in Ukraine are actively growing

Maize (Corn)

Ukraine

Market & Price Trends

Published Mar 28, 2024

Tridge summary

Corn purchase prices in Black Sea ports have recently increased by $8-10/t, reaching $154-156/t, driven by high export demand, a rising dollar exchange rate, and domestic farmers' reluctance to sell, anticipating further price hikes. This surge is further bolstered by a 6.5% increase in European corn prices due to the European Commission's proposed duty on Russian grain imports. Despite these regional increases, global corn quotes remain low, with the market awaiting a crucial USDA report on US stocks and planted areas. Ukrainian corn exports have slowed, with a significant drop in shipments compared to the previous year. Meanwhile, corn futures in Chicago have seen a decline, even with a strong US planting rate and favorable weather conditions in Argentina. Analysts anticipate a reduction in US corn acreage next season, while Brazil has nearly completed sowing its planned second crop corn area. The global corn market remains vigilant, closely monitoring weather conditions in Brazil and potential shifts in US planting areas.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Purchase prices for corn in Black Sea ports increased by $8-10/t during the week to $154-156/t or UAH 6,600-6,650/t against the background of active export demand, the rise in the dollar exchange rate on the interbank exchange and restraint of sales by producers. Domestic farmers are not in a hurry to sell, hoping for further price growth, but global quotes remain at a low level in anticipation of Friday's report on stocks and planted areas in the United States. Prices for Ukrainian corn were supported by a sharp increase in the price of European corn by 6.5% last week, caused by the intentions of the European Commission to introduce a duty on the import of grain from the Russian Federation. June corn futures in Paris rose 6.5% to €193.5/t last week, but fell to €191.5/t, or $207.4/t, from Monday as traders began to lock in profits. The news about active purchases of corn by China at a price of $240-245/t CIF will allow traders in Ukraine to raise purchase prices to $155-160/t ...

Source: Graintrade