Ukraine corn prices supported by adverse weather conditions in the US
Unfavourable weather conditions in the US and South America have caused corn futures quotations to rise, pushing Ukrainian corn export prices up as well. Both old and new crop corn prices have risen, Refinitiv Agriculture reports.
"Offer prices for Ukrainian corn in May-June grew by 10 USD/t and reached 275-277 USD/t FOB. Ukrainian traders are hoping for a recovery in corn import demand amid expected supply cuts from Brazil. Besides, the market has seen an increase in demand for corn to cover previously signed contracts. Export quotations for Ukrainian corn on the CPT-Odesa basis rose to 256-258 USD/t," the message reads.
Exporters also note rather active interest in Ukrainian new crop corn for the October-November shipment period from China, with offer prices at 240-245 USD/t FOB. CPT offer prices for new crop corn have also strengthened considerably and are at 225-230 USD/t for the October-November loading period.
"Grain market is closely monitoring the weather conditions and the outlook for the Western Hemisphere corn crop, including the US and Brazil, as well as possible shifts in demand and trade flows," analysts say.
As of Apr. 21, corn export shipment from Ukraine totalled 18.07 mln t, 28% lower YoY.
