Ukraine corn prices brought down by advancing new crop

As of October 19, Ukrainian corn offers were down by about USD 1, to USD 280 per ton FOB Mykolaiv vs. USD 281 per ton traded on October 15, Refinitiv Agriculture reports referring to the data of Atria Brokers.

Several sellers offered corn at USD 277 per ton, while others put forward USD 283 per ton FOB Mykolaiv for November shipment.

"Traders assume that the pressure comes from the harvesting campaign. As of October 13, the Ministry of Agriculture reported that producers collected 6.9 mln t of corn on 1.2 mln ha, which makes 22% of the planned 5.5 mln ha. Last week, 14% was harvested. Yields rose to 5.75 t/ha vs. 5.3 t/ha last week. On the reporting date last year, about 33% of corn was harvested," the analysts note.

It is noted that the number of buyers remains limited.

Corn stocks in Ukraine as of October 1 summed 1.88 mln t, 30% below the previous year's.

Since the start of 2021/22, corn export from Ukraine has reached 1.54 mln t, 9% up YoY.

The USDA in its October report revised down its projection for corn production in Ukraine in 2021/22.