The purchase prices of corn in Ukraine rose against the background of the strengthening of the dollar, but they are restrained by low world prices

Last week, export demand prices for corn with delivery to Black Sea ports remained at $180-185/t, but against the background of the increase in the dollar exchange rate at the interbank market, they rose by UAH 100-150/t to UAH 8,450-8,550/t. Farmers are increasing corn supply, but export rates are quite low due to small stocks of the old crop.

As of September 13, 1.1 million tons of corn were harvested from 255.3 thousand hectares or 6.5% of the area.

In 2024/25 FY (as of September 16), Ukraine exported 2.5 million tons of corn (2.46 million tons last year), in particular, 169 thousand tons in September (410 thousand tons last year for this period).

Demand for Ukrainian corn from the EU remains, but prices remain lower than for wheat.

November corn futures on the Paris exchange rose 1.3% for the week to €202.5/t or $225/t, while December wheat futures traded at €220/t or $244/t .

December corn futures on the Chicago Stock Exchange for the week rose by 2% to $162.4/t (+3.1% for the month), supported by the rise in oil prices and a decrease in the global production forecast.

Dry and hot weather in the US in the coming weeks will speed up the corn harvest and increase supply. As of September 15, 9% of corn acreage has been threshed in the US, compared to a 6% 5-year average.

Traders are worried about the heat in central Brazil, which is delaying planting of first-crop soybeans and corn, and could reduce acreage of second-crop corn if soybean harvest is delayed. The Conab agency predicts that in 2024/25 MR, the corn harvest in the country will increase by 3.6% compared to the previous season to 119.8 million tons (the USDA estimated it at 127 million tons in September), and exports will decrease by 5.6 % to 34 million tons (49 million tons according to the USDA forecast), while the second crop of corn will grow by 4.14% to 94.02 million tons.