Corn prices in Ukraine rose again amid strong export demand and the devaluation of the hryvnia
Purchase prices for corn in the ports of Ukraine at the beginning of last week rose to 8750-8850 UAH/ton, then against the background of a decline in the dollar exchange rate fell to 8600-8750 UAH/ton, but at the end of the week on new rumors about a possible invasion and as a result of another jump in the dollar by 1.4% recovered to 8750-8850 UAH/ton.
Dollar prices for corn in Ukrainian ports at the beginning of the week also fell after world prices, but at the end of the week they returned to 2 274-275/ton.
The pace of corn exports from Ukraine remains at a high level, and Russia’s military exercises on February 13-18 did not interfere with the entry of ships into Ukrainian ports for loading.
Another decline in corn production forecasts in South America caused by the drought supports global grain prices. IGC experts lowered the estimate of World corn production by 4 million tons to 1.203 billion tons, and world reserves – by 6 million tons compared to January forecasts.
March corn futures on the Chicago Stock Exchange at the beginning of last week fell by 1.5%, but at the end of the week they returned to the level of 2 257.5/ton.
During February 4-10, export sales of corn from the United States decreased to 820 thousand tons, but actual exports increased by 40% compared to the previous week to 1.618 million tons and in general in the season reached 22.33 million tons, which is 3% lower than last year’s pace.
March Black Sea corn futures in Chicago moved according to quotes for American corn, and after falling also returned to the level of last week’s 2 288.75/ton.
In Argentina, a critical period for corn crops is coming, when the amount of precipitation in the next two weeks will determine the volume of the future harvest. According to forecasts, rain will fall at the end of the week, and temperatures will remain in the range of 24-26 OhC, which will contribute to the development of crops.
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