Black Sea corn spot price gained: Refinitiv Agriculture
On September 21, 2021, Romanian corn spot offers (late September-early October loading period) rose to 229-230 EUR/t (269-270 USD/t) FOB Constanta from 225 EUR/t (265 USD/t) at the end of last week, Refinitiv Agriculture reports referring to the Atria Brokers data.
"Romanian corn traditionally enters the market earlier than Ukrainian origins. This year, even slower rates of harvesting of Ukrainian corn than the year before are playing into the hands of Romanian suppliers," analysts note.
Agriproducers in Ukraine harvested 406 thou. t of corn on 85 thou. ha, 2% of the projected area as of September 16. Corn average yield summed 4.8 t/ha vs. 4.67 t/ha a week earlier. On the same date last year, 668 thou. t was harvested on 137 thou. ha (3%), using the average yield of 4.87 t/ha.
Reportedly, despite the forecast of record corn production in Ukraine in 2021 (Ukrainian Grain Association: 38-40 mln t, USDA: 39 mln t on 5.42 mln ha at 7.2 t/ha of avg. yield), for the second consecutive week, traders continue with offers of 5-6 thou. t at 262 USD/t FOB Mykolaiv for October 5-20 shipment.
"Apparently, offers for November should be lower, but a single seller put 263 USD/t FOB Kherson with delivery in the first half of November," add the analysts.
Buyers are following a wait-and-see approach, suggesting around 260 USD/t FOB Black Sea ports for spot/October delivery, and 290 USD/t CIF Marmara or 305 USD/t CIF Eastern Mediterranean countries.
Grain export shipment from Ukraine as of Sept. 22 totalled 12.1 mln t, 12% up YoY. In the 2020/21 season, staples supply from Ukraine made up 48.8 mln t.