Ukraine Corn Prices Continue Downward Trend Amid Global Market Downturn

Corn prices in Ukraine are continuing to fall due to a decline in demand and increased supply from South America. The lack of seaborne exports has led to lower wheat and barley prices, with feed corn prices also dropping by 500-1,000 UAH/t over the past week. Despite this, export demand for old crop corn remains strong, with prices ranging from 8,000-9,000 UAH/t for deliveries to the EU.

The global market is also experiencing a downturn, with November corn futures on the Euronext exchange in Paris falling by 3.8% over the past week to €250.25/t or $285/t. December corn futures in Chicago have also dropped 3% to $184.6/t, pressured by forecasts of heavy rainfall and increased supply from Argentina and Brazil.

The weather outlook for Ukraine's corn crops remains favorable, with moderate temperatures and precipitation supporting growth. However, the country's ability to export corn is being hindered by problems with rail logistics, limiting its market share in Q3-Q4.