Ukrainian corn price unaffected by November USDA report: analysts
Atria Brokers suggest that most of the factors in the Ukrainian market had already been factored into the corn price, so the release of the November USDA report did not have a strong impact on it, Refinitiv Agriculture reports.
Ahead of the USDA report, prices for Ukrainian corn for the November-December loading period were at 275 USD/t FOB Mykolaiv, while buyers were for a level below 270 USD/t.
Analysts assume that the buyers saw that a certain price bottom had already been reached, and brought their expectations closer to the sellers' expectations.
Barva Invest analysts noted that U.S. corn December futures rose 0.18 USD/bushel and Black Sea corn added 5.5 USD/t.
"France upped its corn harvest estimate for the current season by 1.1 mln t, and exports to the EU are expected at 4.8 mln t. South Korea bought 202,000 tons of corn," they add.
In its November report, the USDA projects the world corn production in the 2021/22 season 6.4 mln t higher YoY, at 1,204.62 mln t. Ukraine's corn export is projected at 31.5 mln t.
Read more: Record Harvest in Ukraine, Unstable Gas Prices and Dioxins
As of 10 November, corn export shipment from Ukraine made up 3.14 mln t, slightly behind the previous season.
