Against the background of increased offers, the growth of corn prices in Ukraine has stopped

Against the background of active growth of corn prices in Ukraine, farmers significantly increased sales, as a result of which queues formed in ports, and traders limited purchases, and even slightly lowered demand prices.

Purchase prices decreased by $1-3/t to $150/t or UAH 6,000-6,050/t with delivery to Black Sea ports and $156-162/t or UAH 6,200-6,300/t with delivery to Danube ports. Trucks stand in the ports in queues for 2-4 days, so traders stopped raising prices. At the same time, the increase in the cost of ship freight, caused by new Russian attacks on the port infrastructure of Ukraine, led to a decrease in purchase prices.

The defense forces of southern Ukraine reported that on December 6, the Russian military dropped explosives three times along the alleged route of the ships in the Black Sea, and on the night of December 7, they attacked the Izmail district of Odesa for two hours with attack drones. Most of the UAVs were shot down, but as a result of the hits, warehouses, an elevator, and trucks were damaged, and one of the drivers was killed. The fire that broke out at the point of impact was quickly extinguished by the employees of the State Emergency Service.

The export of corn from Ukraine in the 2023/24 MY decreased compared to the same period last year from 10.23 to 6.642 million tons, in particular in December – by 42% to 462 thousand tons. Low demand from the EU limits the export potential of Ukraine, especially from in view of the increase in supplies of corn from Brazil to China.

The import of corn to the EU in 2023/24 MY decreased compared to the same period last year by 43% from 12.8 to 7 million tons, in particular from Ukraine – from 5.6 to 3.79 million tons, and Brazil – by 2, 3 times, from 6.3 to 2.7 million tons. At the same time, the share of Ukrainian corn in the total volume of deliveries increased from 44% to 52%, while the share of Brazilian corn decreased from 49% to 37%.

March corn futures on the Chicago Stock Exchange yesterday fell 1.4% to $190.6/t (0% for the month) in anticipation of the December USDA report, while on the Paris Exchange they rose 1.9% to 202 .5 €/t or $217.9/t against the background of rising wheat prices.

Tags: Ukraine, corn, prices