Traders observe corn market reviving

Export quotations for Ukrainian corn fixed their level following futures quotations and amounted to USD 164-166 per ton FOB in deepwater ports, Refinitiv Agriculture reports.

Traders note that the corn market has revived. The corn market on the CPT Odesa basis remains the most active. Harvesting campaign progress and new crop corn increased the number of offers in the market, despite the low prices. Corn price CPT rose to UST 151-154 per ton, USD 2 higher from last week.

"At the same time, importers are not ready for new price levels, and liquidity in the market remains low," market participants note.

Despite the higher cost of production, which almost coincides with current prices, producers are increasingly offering corn for sale. However, there are many producers in the market who have taken a wait-and-see position and prefer to store corn in anticipation of higher prices, the message reads.

As a reminder, by October 16th Ukraine exported 2.45 mln t of corn, 537 thou. t more y-o-y.