Prices for new crop corn falling weekly — Agritel
Forward prices for 2020 corn are falling a little more each week to appear currently at 144 $/t for October delivery, Agritel writes.
Sustained low prices for maize worldwide and ample supply have led to a second update of import duties by the European Commission. The import duty on maize, sorghum and rye previously set at EUR 5.27 per ton have been revised to EUR 10.40 per ton.
Forward prices for the 2020 wheat crop in Ukraine have shown some stability in recent weeks. For harvest delivery, 11.5% wheat is proposed at 177 $/t CPT(CPT stands for Carriage Paid To and is an international trade term which means that the seller delivers the goods at their expense to a carrier or another person nominated by the seller.), Odesa delivery. The discount for feed wheat continues to increase reaching -10 $/t.
"Indeed, the traders anticipate a higher proportion of feed quality this year in the Ukrainian harvest due to fears linked with a continuous drought in the southern regions. The protein premium, on the other hand, is particularly low, 12.5% wheat appearing at +1$ vs 11.5% quality, for the forward contracts," the report reads.
Barley prices are stable at 161 $/t.
Previously reported that since the start of 2019/20, grain export shipment from Ukraine reached 51.36 mln t. As of May 6, agricultural commodities shipment increased by 20% YoY.