Ukrainian corn exports set a record in June

As of June 22, Ukraine’s corn exports reached 2.2 million tons, indicating a high level of activity on the market. Analysts predict that June will be the most productive month for exports, but in July-August, the figures may decline significantly as the market switches to the new harvest. This was discussed on June 25, 2024, at an analytical briefing of the PUSK cooperative, created within the framework of the VAR.

“The global situation was unfavorable for Ukrainian corn. Although it is still in demand on the Italian market, its competitiveness is declining due to the pricing policy. For example, Argentine corn is sold at $212-213 per ton on the Italian market, which is about the same level as Ukrainian corn. At the same time, Argentine corn is several dollars cheaper in Spain, making it more attractive to buyers. In such conditions, Ukrainian traders are not in a hurry to sell their existing stocks, as their volume is limited,” the analytical department of the company notes.

The corn market is entering the off-season, and prices are expected to stabilize in the coming weeks.

“If there is demand, the conditional prices for corn may fluctuate in the range of $172-174 per ton. On average, the price on CPT basis will be around $170 per ton in the coming weeks,” the PUSK forecasts.

Tags: Ukraine, export, prices, wheat