Drought gradually shattering the hopes for a bumper corn crop in Ukraine

The average daily air temperature in the first half of August was 0.5-6.1°C above normal, with a shortage of effective precipitation (or even full dryness in some regions). The main impact was on Ukraine’s central regions, where key corn plantings are located, UkrAgroConsult reports.

Due to fair crop condition in the west and north along with an increased planted area, the 2020/21 corn crop may end up at last year’s level.

UkrAgroConsult cuts its forecast for Ukraine’s corn crop because of a 5% yield decrease.

We reduce our export estimate because of raising the beginning stocks due to a 2019/20 export adjustment.

Forward prices have already responded to the predicted crop decrease compared to previous optimistic forecasts.

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