ODESA: According to updated USDA forecasts, 2021/22 MY for wheat and corn in the world will reduce supply, increase consumption, increase trade and reduce closing stocks.
At the same time, in 2021/22 MY, Ukraine indicators on wheat and corn production and exports remain unchanged. Wheat production is 33 million tons and corn is 42 million tons. Respectively, exports of wheat are 24.2 million tons and corn is 33.5 million tons.
This weak Ukrainian wheat showed a significant price fall. Purchasing prices in the ports for milling wheat decreased to 285-290 $/t level. Feed wheat reached the level of 270-275 $/t. The corn price reduction wasn’t so fast-moving. In general, around 5 $/t decrease was fixed with purchasing at the level 260-265 $/t.