Wheat and corn prices seen easing in Ukraine

Prices in the Ukrainian wheat market kept falling and there are practically no offers at current levels, Barva Invest analysts inform.

Wheat quotations posted a slight recovery late last week. March futures in Chicago rose USD 0.11 per bushel, the price of European wheat added EUR 4.25 a ton and the price of Black Sea wheat gained USD 1.25 a ton.

Learn more: TOP 14 Wheat Exporters From Ukraine in 10M 2021

"South Korea looks to buy 130,000 t of feed wheat in a tender. Russia and China have approved a number of documents that will open up access to the Chinese market for Russian wheat and barley," analysts observe.

Besides, Russia's wheat export tax continues its steady decline and will reach USD 93.2 a ton this week, Feb. 7-11.

According to experts, prices for Ukrainian corn weakened further.

"Corn quotations managed a slight increase. The March U.S. corn futures were up USD 0.04 per bushel, while the Black Sea corn was up USD 0.25 a ton. The market starts to trade on expectations for changes in the February USDA report (WASDE)," the report reads.

South Korea announced it will buy 138,000 t of corn in a tender.

It was earlier reported that China lifted its restrictions on grain imports from Russia.

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. The Government also considers milling wheat export from the country. The decision was reported to be taken in January, but it has not happened yet.