UGA expects more corn in Ukraine

On the second trading day of the week, corn went slightly south again. The front month of March closed with a setback of 0.75 euros/t at 205.75 euros/t. Nevertheless, the March contract is slightly firmer than at the beginning of the month. On November 1st, the contract was listed at a price of 204.50 euros/t on the Paris Stock Exchange. The EU import figures published yesterday show that 5.84 million tons of corn were imported into the 27 countries of the community by November 2nd of the current marketing year, compared to 8.78 million tons last year. With a slight lead, Brazil is currently the largest supplier to Europe, with Ukraine just behind. 87.8 percent of Europe's corn imports come from these two countries. In an updated estimate, the Ukrainian Grain Association UGA expects this year's corn harvest to be 28.8 million tons. That is 800,000 tons more than the association had previously expected. According to the association, around 60 percent of the corn stocks have currently been harvested. UGA sees the export potential at 23 million tonnes, but to achieve this a safe route across the Black Sea would be required.On the CBoT, the good harvest data in particular had a negative impact on price development. Higher export figures for corn and ethanol could only slow down the price trend. In a special report on Brazil, the USDA reduced its forecast for corn production there by a significant 5 million tons to 130.0 million tons. These numbers should also be included in tomorrow's WASDE.

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