The increased demand increases the price of corn in Ukraine
Reduction in forecast corn production in the EU, which will increase its imports from 19.5 to 21 million tonnes, supported the price of corn in Ukraine. This season, the pace of corn imports in the EU is 24% higher than last year. As of 11 November, the EU imported 6,624 million tons of maize, of which only in the last week – 582,6 million tonnes, the largest figure since March of 2017.
On the stock exchange in Paris, the January futures on corn grew by 1.5 €/t to 173,5 €/t or 195,3 $/t, while in early August because of the drought they reached 198,5 €/t
the Results of harvesting corn in France, which is already almost complete, confirmed the decrease in yield.
In Ukraine as of November 12, with 86% of the area harvested 29.6 million MT of corn at an average yield of 7.5 t/ha, which allows to expect a record harvest at the level of 33-34 million tons.
With the beginning of the season the exports of corn, it is pretty weak, and during October it was exported only 1 million tonnes, which will enable us to reach the projected level of export 25-27 million tonnes In the last week, corn exports grew by only 3% to 374 thousand tons.
However, in early November, the export demand for corn has increased due to the decrease in purchase prices until at least 2017. Corn prices at the port fell to 147-149 $/t compared to the price of 195-200 $/t for feed wheat. Manufacturers have reduced the number of sentences of maize in anticipation of price level 160-170 $/t, which was observed in the beginning of the year.
now for the intensification of procurement of traders have increased the price at the port for 1-2 $/t to 150 to 152 $/t for December deliveries and 153 to 155 $/MT for deliveries in January.