Corn market slowing down, pending for new crop grain
The Ukrainian corn market is slowing down, pending for new crop grain available for trading, Refinitiv Agriculture reports.
"The Ukrainian old and new crop corn market remains inactive against the background of a sharp decline in world prices. Some market operators take a break in corn trade or switch to trading in other crops," the report says.
Export quotations for new crop Ukrainian corn with delivery in October-December lost USD 3-4 per ton vs. the previous week.
According to the report, traders expect a slight decrease in the future corn harvest resulting from hot weather and reduced moisture reserves, which is likely to lead to a yield decrease.
"Rainfalls awaited by the market operators, could improve the harvest prospects," analysts add.
Earlier it was reported that since the start of 2019/20 Ukraine delivered to foreign markets 6.98 million tons of grain and leguminous crops. Commodities shipment increased 1.5x (2.22 million tons) from the prior year's comparative period, 4.73 million tons.
As of August 22nd, corn deliveries reached 1.68 million tons, up 635 thou. tons y-o-y.