Land-Based Exports Drive Up Ukrainian Corn Prices
Ukrainian corn prices are being driven up by forward contracts for land-based exports, which have become increasingly important in recent weeks. Analysts at Spike Brokers note that these land-based routes are no longer just an alternative to seaborne shipments but a separate price-setting hub for new-crop corn.
Forward prices for Ukrainian corn shipped across the western border are rising, with October-December delivery contracts being concluded at €192-194/t FCA Chop. Prices for January-June delivery stand at €198-206/t FCA Chop, according to Spike Brokers.
The sharp decline in seaborne exports has led to a significant increase in land-based sales, with Ukrainian farmers increasingly selling grain through the western border. The global corn market fundamentals remain mixed, with favorable weather in the US improving crop prospects and corn conditions in Europe deteriorating.