Purchase prices for corn in Ukraine have increased amid the strengthening of the dollar, but they are held back by low world prices
Last week, export demand prices for corn for delivery to the Black Sea ports remained at 180-185 USD/t, but amid rising dollar on the interbank market, they increased by 100-150 UAH/t to 8450-8550 UAH/t. Farmers are increasing the supply of corn, but the pace of exports is quite low due to low stocks of the old crop.
As of September 13, 1.1 mln tonnes of corn was harvested from 255.3 thsd ha or 6.5% of the area.
In MY 2024/25 (as of September 16), Ukraine exported 2.5 mln tonnes of corn (2.46 mln tonnes last year), including 169 thsd tonnes in September (410 thsd tonnes last year for the same period).
Demand for Ukrainian corn from the EU remains strong, but prices remain lower than for wheat.
November corn futures on the stock exchange in Paris for the week rose by 1.3% to 202,5 €/t or 225 $/t, while December wheat futures are trading at 220 €/t or 244 $/t.
the December corn futures on the Chicago stock exchange for the week rose 2% to 162,4 $/t (+3.1% for the month), supported by rising oil prices and lower forecasts of world production.
Dry and hot weather in the United States in the coming weeks will accelerate the harvest of corn and increase the volume of proposals. As of September 15, in the United States threshed 9% of the corn area compared to 6% on average for 5 years.
Traders are concerned about the heat in Central Brazil, which delays the sowing of soybeans and corn of the first crop, and may reduce the area of corn of the second crop in case of delayed harvesting of soybeans. The Conab agency forecasts that in MY 2024/25 the corn harvest in the country will increase by 3.6% to 119.8 mln tonnes compared to the previous season (USDA estimated it at 127 mln tonnes in September), while exports will decrease by 5.6% to 34 mln tonnes (49 mln tonnes according to USDA forecast), while the second corn harvest will grow by 4.14% to 94.02 mln tonnes.
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