Ukrainian corn prices fixed firm amid expectations of stronger export demand

Export quotations for feed corn from Ukraine slightly gained last week amid expectations of increased external demand, Refinitiv Agriculture reports.

By the monitoring results, the most attractive prices are for forward deliveries.

"Export quotations of Ukrainian corn with delivery in December strengthened to 169-171 USD/t FOB in deepwater ports, with delivery in January-February — to 170-175 USD/t," the message reads.

Traders expect that Ukrainian corn will be delivered in the framework of several international tenders, as at present it is quite competitive on distant directions in comparison to the grain from South America. At the same time, the main nearest importers of Ukrainian corn are less active in purchases.

Concurrently, corn is being actively purchased in the domestic market on the CPT basis. In recent days, many corn purchases have been made.

"Traders expect a decrease in trading activity closer to the holidays, so they are in a hurry to make possible deals. Probably, participants of the market hurry to stock up in anticipation of holidays to be competitive in corn trade in January-February when the traditional surge of demand and prices for corn is expected," the message reads.

As a reminder, corn production volumes in Ukraine increased 4x — from 10 to 40 mln t over the past decade.