New corn supplies will strengthen Ukraine's export supplies: Agritel
Wheat and corn prices remain stable on the Ukrainian market, the Agritel consultancy writes. Analysts mark that operators remain cautious as prices remain high.
"The pace of export volumes is obviously a factor to be monitored, especially as new corn supplies will strengthen Ukraine's export supplies. Since the beginning of the campaign, more than 24 mln t have already been exported, all cereals combined. Export activity in Ukraine has increased by more than 17% compared with the situation of the previous year to date," the report reads.
It is noted that the fall of the euro offers a supportive element for the EU export activity. Yesterday, the European Commission released its new wheat export estimate at 32 mln t, up by 2 mln t.
"Northern European origins should particularly benefit from a renewed interest in exports considering the qualities available. In terms of imports, the announced volumes of corn are unchanged at 14.5 mln t despite the upward adjustment in European production this season," analysts comment.
As of 24 November, corn export from Ukraine came to 4.84 mln t, wheat supply reached 14.18 mln t.
Wheat export from Ukraine in 2021/22 is projected by the USDA in its November report at 24 mln t, 0.5 mln t above the previous report. Corn outlook for Ukraine was left unchanged by the USDA analysts, exports should reach 31.5 mln t in 2021/22.
Wheat export from Ukraine in 2021/22 was limited to 25.3 mln t. The Memorandum of Understanding was signed by the Agrarian Ministry and grain market participants.