After a decline in corn prices in Ukraine, they sharply turned upward

The Ukrainian corn market was volatile last week: after a decline, prices sharply turned up and reached $218–222/t on DAP-port terms. This was reported by White Brokers.

As noted, at the beginning of the week prices gradually decreased and fell to the level of about $216/t. This dynamics was due to the general weakening of external markets, in particular, a decrease in stock market quotes and restrained activity of importers.

However, closer to the end of the week, the situation changed dramatically. The market supported active demand from Turkish buyers, who came out with short-term purchases, which caused a rapid increase in prices.

At the same time, fundamental factors remain weak. On world markets, the trend towards a decrease in quotes persists, demand remains uneven, and competition from other exporters is high.

“Seller activity during the week was extremely restrained. Large volumes were practically not offered, the market remained “thin”. At the same time, point sales were observed from small and medium-sized agricultural holdings, and part of the remnants of the old harvest were fixed,” the report says.

Tags: corn, prices, Ukraine