Corn prices in Ukraine have risen to $212–214/t
At the end of the week, the corn market received additional impetus due to increased geopolitical risks in the Black Sea region, which supported the entire grain complex.
This is reported by analysts at Spike Brokers.
After several weeks of trading under the influence of favorable weather conditions in the USA, the corn market returned to growth. Additional support was provided by the July USDA WASDE report, which reduced the forecast for ending corn stocks in the USA due to increased export expectations, while world stocks were also revised downwards.
The European market also ended the week in positive territory. Market participants continue to closely monitor weather conditions in major producing countries and crop prospects in the EU, while the activation of stock quotes in the USA further supported MATIF prices.
In Ukraine, trade in the new crop is gradually becoming more active. In the first nine days of July, corn exports amounted to 488 thousand tons, and the main buyers remained Turkey, Italy, Belgium, the Netherlands and Spain.
Against this background, purchase prices in ports increased to $212/ton CPT Odesa, while buyers of the new crop nominally offered $212–214/ton CPT towards the ports and about €197/ton FCA Chop at the western border.
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