Ukrainian exporters waiting for corn demand recovery
UkrAgroConsult
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According to UkrAgroConsult‘s estimates, 55% of corn exportable supplies was shipped abroad in September-February.
Stronger demand from China and the EU is needed for fulfilling the whole export potential in the latter half of the season.
Ukrainian exporters are looking forward to recovery of previous interest in 2020-crop corn from both China (this season’s top importer) and the EU. We hardly will see Chinese demand for March delivery: China went on went on a two-week vacation.
Therefore, demand throughout February was very low. The more so as all the necessary volumes had been purchased beforehand.
Ukrainian corn price on FOB basis is not in a hurry to drop because СРТ prices are high and farmer sales are weak.
In addition, the world grain market was on the rise during the last two weeks of February because of crude oil price growth, frost events in the U.S. and Russia, and a corn planting delay in Brazil – all these factors supported price of Ukrainian origin.
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