According to APK-Inform, the prices of new-crop corn (CPT-port) continued to grow in the ports of Ukraine last week.
“The prices of corn started to grow two weeks ago after the short-lasting decline. Last week, the appreciation accelerated. The growth of corn futures on the CBOT and the Euronext due to the anticipation of the global corn production decline amid hot and dry weather in the USA and the lack of rains in Brazil that in unfavorable for safrinha corn supported the Ukrainian prices. Moreover, the possible downward revision of corn crop forecast by USDA also supported the Ukrainian corn”, - the head of the local markets department of APK-Inform, Anna Tanskaya explained.
Thus, as of July 10, the bid prices of new-crop corn with October and November delivery totaled 148-153 and 149-154 USD/т СРТ-port correspondingly in the deep-sea port of Ukraine, up 2-3 USD/т compared to the week ago level.
“Moreover, the higher trade activity and the lowering of import duty on grains in the EU to 0% pushed the prices up. At the same time, the relatively favorable weather in Ukraine and the high competition on the global market limited the price growth”, - the expert summarized.