Corn prices in Ukraine are growing in the US and the EU fall
on Tuesday, the price of maize in Ukraine, on the basis of CPT-port grew by $1/t and reached the level of 155 to 157 $/t or 4900-5000 UAH/t. The main growth factor was the increase in the prices of barley and wheat, as well as support from the market of U.S. corn.
However, after the fall of the oil prices by 5%, which occurred on 8 March, corn prices in the US fell by 3 $/t to the level of 146,75 $/ton.
the Decline in oil prices may lead to reduced use of corn for ethanol production, although in the course of 2016 in the U.S. produced 15.3 billion gallons of biofuel, which is 4% higher than in 2015. For its production was used by 48% of the corn crop, or 134 million tonnes of grain.
On the Euronext of the price of corn has fallen behind Chicago and now for the June deliveries are 174,75 Euro/t. To support the prices could even decrease, experts FranceAgrimer estimates of carryover stocks of corn to 1.95 million tons against of 2.48 million tons in the previous year.