The growth of wheat quotations led to an increase in world prices for corn. But yesterday they fell again after the confirmation of the acceleration of sowing in the United States.
In Ukraine, as of May 21st, 3.65 million hectares or 91% of the planned area were sown with corn. But farmers can increase their sowing area amid soaring prices. Dry, but not hot weather will allow sowing to be completed at the optimal time. However the crops are experiencing moisture deficiency, and rains are expected only at the end of May.
Purchasing prices for corn in Ukraine at the Black Sea ports over the week increased by another 5-8 $/t to 180-183 $/t or 8200-8300 UAH/t. This happened after prices for feed wheat added another 10-12 $/t and reached 185-188 $/t or 8300-8400 UAH/t due to active export demand.
In May, Ukraine exported 2.06 million tons of corn, which significantly exceeds the 1.66 million tons shipped May 1-20, 2023. Overall, exports for the season reached 24.96 million tons (26.36 million tons as of this date last year).