Purchasing prices for corn in Ukraine over the week increased by 8-10 $/t.
Now the Black Sea ports CPT prices are reaching the level of 154-156 $/t or 6600-6650 UAH/t. The main reasons are active export demand, a rise in the dollar exchange rate on the interbank market and curbed sales by farmers.
Agrarians are in no hurry to sell in the hope of a further prices increase. But world quotations remain low in anticipation of Friday’s report on reserves and sown areas in the United States.
Another solid reason that supported the prices increase in Ukraine was a sharp price growth of European corn by 6.5% last week. It was caused by the European Commission intentions to introduce a duty on grain imports from Russia.
The news about China active purchases of corn at a price of 240-245 $/t CIF will allow traders in Ukraine to increase purchase prices to 155-160 $/t with delivery to the port.
The pace of corn exports from Ukraine is slowing down. During March 1-25, only 1.95 million tons of corn went for export. 3.1 million tons during this period last year. And in total for the season, exports amounted to 17.95 million tons out of the USDA forecast of 24.5 million tons. Last year at this time it reached 21.7 million tons.
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