Ukrainian Corn Prices Plummet Amid Export Demand Shortfall
Corn prices in Ukraine are continuing to decline due to low export demand, exacerbated by the blocking of exports from Black Sea ports. The increased cost of deliveries through Danube ports or by car and rail to Constanta has risen to $100-140 per ton, making it unprofitable for exporters to ship corn and wheat.
The accelerated harvest in the US, increased supplies from Brazil and Argentina, and cheap Ukrainian corn exports to the EU are expected to increase supply in the next 1-3 months, limiting world price growth. The December corn futures on the Chicago Board of Trade have been trading at $210 per ton for the past 7 days, supported by a lower US corn harvest forecast and rainy weather that delayed harvesting.
The USDA experts increased their forecast for initial and final corn stocks in Ukraine by 0.6 million tons but left the export forecast unchanged at 22 million tons. Purchase prices for corn in Ukraine have fallen by 800-1000 UAH per ton to 6000-7000 UAH per ton since the beginning of September.