Ukrainian corn exports significantly below previous year's level

Weak inputs from the wheat market and rainfall in the large growing areas in the southern hemisphere caused corn prices on Euronext/Matif to trend south again yesterday. The most traded March date closed with a setback of 0.75 euros at 207.25 euros/t. The Brazilian export association Anec has revised its forecast for October exports slightly downwards and now expects export volumes of 8.24 million tons. That is 2 million tons more than could be exported in October 2022. Heavy rainfall also means that the prospects for the country's first corn harvest have improved. There is currently a decent amount of rainfall, particularly in the north, which is also benefiting the corn stocks in Argentina after many dry weeks. The Ukrainian analysis house APK-Inform has reduced its forecast for the local corn harvest this season by 800,000 tons to 24.8 million tons. The country's corn exports this marketing year are expected to be around 19 million tonnes. So far this season, the country has been able to export 3.49 million tons of corn, significantly less than at the same time last year, when around 6.6 million tons were in the statistics.The expired grain agreement and the arduous transport as well as the destroyed port infrastructure are weighing on Ukrainian export options. Prices on the CBoT were also under pressure because the corn harvest was still going well. The December contract fell by 4 US cents to 480 US cents/bu and is therefore quoted at the equivalent of 178.80 euros/t.

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