Ukrainian corn seen gaining on crop uncertainty — analysts
Ukrainian corn prices continue with an upward trend along with the US exchange, grain market analyst at UkrAgroConsult Marina Marinych noted.
"Although the harvesting campaign is approaching, Ukrainian corn keeps growing in price following the increase on the American exchange and uncertainty about the new harvest volume in Ukraine," Marina Marinich said.
In the second half of August, she added, drought in Ukraine further aggravated in the main areas of corn cultivation, and late-season corn varieties in the north of the country were also damaged. Thus, UkrAgroConsult has reduced its forecast for corn harvest in Ukraine due to lower yields.
Corn exports are reported to be below last year's estimate, but above the five-year average driven by potentially high external demand.
The expert stated that high competition from Brazil is expected at the beginning of the season, which only in August-September switches from soybean to corn export and now dominates the EU market.
As of Sep. 14, corn export shipment from Ukraine stood at 606 thou. t, 68% lower YoY.
At the start of the campaign, corn yields 4.14 t/ha on average.