Prices for Ukrainian corn hit highest on strong demand

Export quotations of Ukrainian corn rose to the highest level since the start of 2019/20. Strong export demand drives prices up, Refinitiv Agriculture writes.

Ukrainian exporters note an increase in demand for corn on the foreign market in various consignments with spot delivery.

"The export market is rather buoyant, the demand is stable," traders note.

As reported, data on port shipments show that corn from Ukraine is shipped to China, South Korea, and Bangladesh. There is also corn shipment to Spain, Egypt, Turkey.

Analysts argue that high export demand has led to the fact that CPT prices are also growing rapidly.

"Last week's highs are already considered the lowest possible prices. At the same time, traders are ready to pay even more for larger consignments. Prices for corn with delivery in the next two months are also much higher," said the analysts.

As a reminder, corn export from Ukraine since the start of 2019/20 has reached 14.51 mln t, 3.21 mln t more y-o-y.