Downward trends in global commodity markets impact Ukraine's domestic market: analyst
Grain prices in Ukraine are going down under the pressure of several factors, trends in the world commodity markets naturally being the basic ones, Kurkul.com writes.
"Cereal prices are now falling fast. There are several factors here, but first of all, it is the correction of prices for agricultural products on the world markets. This correction has been anticipated for several months, as markets had been rising continuously for eight months before," explains Zernotorg.ua analyst Oleksandr Tyshchenko.
He marks that the start of the harvesting campaign in the northern hemisphere and Ukraine, in particular, has contributed to this correction.
"There is also pressure from the projected bumper harvest. This provoked a sell-off by farmers in the domestic market who panicked under the pressure of uncertainty and bearish factors," adds Oleksandr Tyshchenko.
Agriproducers in Odesa region report a delayed new crop campaign and lower quality of winter cereals as a result of prolonged rains in June-July.
