Ukrainian new crop corn prices went up

New crop futures for Ukrainian corn rose to USD 180-185 per ton FOB from Odesa with delivery in October-November 2019, Refinitiv Agriculture reports.

“Exporters believe that, at present, forward prices for the new crop corn are quite attractive for sellers. Supported by the expected good world corn yield, such a high price level may not be repeated,” market operators believe.

Higher futures led to a rise in prices for Ukrainian corn CPT from Odesa and the intensification of trade. Traders note the producers' interest in forward sales, as they see the profit in the current price for the new crop at USD 166-170 per ton with delivery in October-December.

According to traders, in the past two weeks a sizable volume of new crop corn was traded with delivery in December 2019-January 2020.

FAO’s latest forecast for world cereal production in 2019 points to an increase of 1.2 per cent from 2018, to 2 685 million tons.

The infographic guide Agribusiness of Ukraine 2017/18 is available by the link.