Corn exports from Ukraine virtually stopped in September due to delayed harvest and lack of residues

As of September 11, corn exports from Ukraine are virtually non-existent — there were no shipments this month. The lack of surpluses and the delay in the new crop deprive the market of liquidity and block purchases. This is reported by Spike Brokers.

The gross harvest is 192 thousand tons (1% of the area), the yield is 3.55 tons/ha — 18% lower than last year. Last year, 6% of the area out of 1.1 million tons was threshed on this date, which demonstrates a lag in both pace and yield.

“In Ukrainian ports, corn was traded at $208 for delivery in October, while spot deliveries were paid +$10 extra during the week. On the western border — 184–186 €/t FCA Chop (November–January), which is about 225 €/t delivered to Mon. Italy,” brokers report.

According to them, there is a shortage of quality corn in Italy. Brazilian imports have a high content of mycotoxins, which is why processors refuse to buy them. Against this background, prices in the ports of Ravenna and Venice have exceeded €250/t FCA, confirming a tight balance of supply and demand.

Tags: corn, export, Ukraine