Against the backdrop of a decrease in world corn prices, purchasing prices in Ukraine during the past week fell to 135-140 $/t or 124-129 €/tCPT Black Sea ports. However, the resumption of purchases by buyers from China led to an increase in demand and an increase in prices to 140-145 $/t or 129-134€.
In addition, traders faced with reduced supplies amid falling prices were forced to pay extra for fast deliveries to fulfill contracts.
On the western border, corn was bought at 120 €/t before being loaded onto European trains. But demand from the EU continues to decline.
The increase in the interbank dollar exchange rate due to the uncertainty with financial assistance from the USA supports the hryvnia purchase prices at the level of143-147€/ton.
The export of corn is quite active, and for February, it amounted to 2.455 million tons (2.935 million tons for this period last year). And in general this season it reached 15.44 million tons, which is 17.8% lower than last year’s pace.
We will remind that the USDA reduced Ukrainian corn export forecast in 2023/24 compared to the previous season by 17.8% from 27.1 to 23 million tons.