ODESSA – Due to favourable weather conditions for growing corn in Ukraine this year, USDA experts are quite optimistic about the grain yield in Ukraine in 2021/22 MY. Accordingly, the corn harvest in Ukraine this season may exceed 37 million tons. The official forecast for Ukrainian corn exports is 30.5 million tons.
But there is a nuance here: In 2020/21 MY, the use of corn for feed was lower than expected due to high prices. Even now, the price of corn is higher than milling wheat. As a result, this situation may lead to the accumulation of high stocks of old crop. Taken together, high stocks and the good new crop can provoke a decline in prices and make Ukrainian corn more attractive on the international market.
At the moment, yellow corn purchasing prices come to 255 USD/mt CPT Odessa port.