Record harvests in the US and Latin America increase pressure on Ukrainian corn exports
The world corn market is saturated with record harvests from the USA and Latin America, which puts pressure on the competitiveness of Ukrainian products. This is reported by White Brokers.
According to brokers, the cost of ship freight remains high. Prices for costers have increased especially noticeably, which increases logistics costs for exporters and makes Ukrainian corn less competitive.
The world corn market is saturated with supplies from Latin America and the USA, where record harvests were harvested this season. Most buyers are already actively contracting American and Brazilian corn, which is displacing Ukrainian products. On CIF terms, Ukrainian corn currently looks expensive, in particular for the main destinations, due to cheaper Latin American corn.
In these conditions, Ukrainian traders will be forced to gradually reduce domestic purchase prices, White Brokers added.
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