EU GM-corn import approval to put more pressure on Ukrainian exporters from US and Brazil
The European Union’s decision to allow GMO corn imports opens the market to wider supplies from the US and Brazil. This will put more pressure on Ukrainian exporters, intensifying competition for market share, Spike Brokers reports.
As brokers noted, corn is trading more expensive than food wheat on the domestic Ukrainian market, which is an atypical phenomenon.
Prices are supported by active demand from exporters and processors, as well as limited supply from farmers who are holding back sales in anticipation of further growth. Limited corn stocks in the country are strengthening price support and maintaining tension in the market.
The price gap between the old and new harvests has already reached $34, indicating an imbalance in the market.
The European Commission has approved the import and use of three genetically modified corn varieties for animal feed and human consumption.
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