Corn prices in Ukraine fall following the decline in US prices
estic consumption will reach 8.4 mln tonnes. From October 10 to December 31, the country’s authorities reduced the duty on imports of 1 mln tonnes of corn from 130% to 5%, which boosted supplies from Ukraine. However, corn prices in Turkey fell rapidly, so exporters reduced sales. If the duty is reduced again in the second half of the season, Ukraine’s exports will increase.
In November 1-13, Ukraine exported 1.05 mln tonnes of corn, and in total in 2024/25 MY – 5.7 mln tonnes, which is 18% up from last year’s pace (4.87 mln tonnes).
In the U.S., as of November 10, corn was harvested on 95% of the area (84% on average for 5 years), which increases the pressure on the quotes. At the same time, the market reacted calmly to the unexpected for traders decrease in the crop forecast in the USDA report.
December corn futures on the Chicago stock exchange on Monday fell by 1.1% to 167,9 $/t (+4.5% for the month).
the March corn futures in Paris this week fell by 2.3% to 206,25 €/t or 217,5 $/t (-6.9% for the month in euros and -10% in dollars due to the depreciation of the Euro to 1,055 $/€).
According to the European Commission, in 2024/25 MY (as of November 3), the EU increased corn imports by 8% to 7.1 mln tonnes compared to the previous season, of which 47% or 3.36 mln tonnes were supplied from Ukraine. In addition, supplies from Brazil and the US increased.
Favorable weather for crops in Argentina and Brazil reduces the speculative pressure on quotations, which was observed in September and October.
According to traders, the state-owned Algerian agency ONAB purchased an unknown amount of corn produced in Argentina and/or Brazil for delivery in November. At least two shipments totaling 80 thsd tonnes out of the planned 240 thsd tonnes were contracted.
Brazil in October reduced the export of corn compared to September from 6.44 to 5.66 million tons, which is significantly lower than 8.02 million tons in October 2023, – reports ANEC.
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