Ukraine : Traders need about 3 mln tons of corn for October-November
Ukraine’s corn harvest lags severely, with only 2% of areas harvested by September 18 versus 13% last year, Spike Brokers reports. Stocks are nearly depleted, with September exports at just 19,000 tons. Strong trader demand for 3 million tons in October-November and higher spot prices (\$211–220/t) sustain market support.
As of September 18, only 2% of corn areas in Ukraine were harvested, compared to 13% last year. The market is experiencing a supply shortage, which supports prices against the background of active demand from traders and exporters. This is reported by Spike Brokers.
In September, exports amounted to only 19 thousand tons, which indicates the practical depletion of stocks.
Traders are actively forming purchases for October-November and estimate their needs at about 3 million tons. This may be a factor in supporting prices against the background of the delay in the harvesting campaign and restrained sales from farmers.
The spot corn index with delivery within 30 days has risen to $ 211 / ton, and for September delivery you can get a premium of up to $ 10 and sell at $ 220 CPT port.
The main demand remains from Italy: prices for shipment until October 10 reach €200–205/t FCA Chop, while for November-December — €184–185/t.
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Source : Ukr Agro Consult
