Black Sea grain traders shifted focus to corn upon September USDA report release: Refinitiv Agriculture
After the USDA released its September report, exerting pressure on the wheat market, Black Sea traders shifted their focus to corn, Refinitiv Agriculture reports with reference to Atria Brokers analysts.
"Ukrainian corn proved to be more competitive. Its offers were at 300 USD/t CIF-Marmara, while European and Russian origins were mainly offered at 305 USD/t CIF-Marmara. Buyers' prices were much lower, at 291 USD/t CIF-Marmara," the message reads.
Analysts observe that corn harvesting in Ukraine is currently at a rather slow pace. As of September 9, half as much area was harvested as compared to the previous year's campaign. The producers in Ukraine are concentrated on sowing winter crops now.
Wheat of 12.5% and 11.5% protein content offers were at 318 and 316 USD/t CIF-Marmara, respectively.
"The price for 11.5% wheat was approximately at last week's level, while the price for 12.5% wheat was slightly lower wk/wk," analysts add.
The USDA in its September report left unchanged the projection of wheat production for Ukraine and Russia, same as for corn production, export and ending stocks in Ukraine.
Grain export shipment from Ukraine as of 13 Sept. totalled 10.48 mln t, 11% up YoY.