Export demand prices for corn in Ukraine continue to rise

Demand for Ukrainian corn has gradually eased in recent months as world prices have fallen, but limited supply from Ukrainian farmers is forcing traders to raise prices to fulfill contracts.

 

In 2024/25 MR (as of December 9), Ukraine exported 7.68 million tons of corn, which is only 4.5% ahead of last year's corresponding figure (7.35 million tons), although at the beginning of the season the export rates significantly exceeded last year's. The decrease in demand from the EU due to the increase in supplies from Brazil and the USA increases the pressure on the prices of European and Ukrainian corn.

 

March corn futures in Paris for the week rose by 1.5% to €206/t or $217.5/t (-2.4% for the month).

 

In Ukraine, export demand prices for corn in the Black Sea ports rose by $2-3/t to $200-202/t or UAH 9,350-9,400/t during the week, supported by the growth of the dollar against the hryvnia.

 

From November 29 to December 5, the export of corn from the United States increased by 10.6% compared to the previous week to 1.05 million tons, and in total in the season reached 12.133 million tons, which is 31.97% higher than last year's pace and is 6- annual maximum for this period.

 

December corn futures in Chicago for 3 sessions rose 2.8% to $170/t, fully recovering from last month's decline supported by high export rates.

 

Brazil exported 4.7 million tons of corn in November, which is 36.2% less than in November 2023.

 

Good weather in South America is currently promoting the development of soybean and corn crops, which will increase pressure on global quotations in January-March 2025.