October 29, 2007

 

Ukraine's corn prices likely to drop further

 

 

Corn prices in the Ukraine are receding to US$198-222 / tonne and may recede further, according to the experts of IA "APK-Inform".

 

The price reduction was brought about by saturation of the market, experts said.

 

Export companies purchasing corn in ports for further export, said prices were at the level of US$207-217 per tonne (CPT-port).

 

However, the representatives of these companies, said there was enough demand and little chance of stock accumulation.

 

In other news, Minister of Agrarian Policy of Ukraine Yuriy Melnik, said that as for October 25, Ukrainian farmers had harvested about 29.5 million tonnes of grain.

 

Farms threshed over 6.2 million tonnes of grain. The gross yield of corn in the current year is forecasted to be about 7 million tonnes.

 

The sunflower seed harvest, which is almost finished produced 4.2 million tonnes of sunseeds. According to the Minister, this volume would allow to satisfy needs of sun oil production for the domestic as well as for export markets.

 

As for the sowing campaign of winter crops, the farmers have already sowed 7.5 mln ha under winter crops for 2008 crop, including 6.2 mln ha under wheat, 470.000 ha under rye, 730.000 ha under barley.

 

The sowings of winter rapeseeds doubled to 1.370 million hectares, up 700,000 hectares from last year

 

Grain yield this year in Ukraine is expected at 29-30 million tonnes (in clean weight) against 34.3 million tonnes last year.

 

The country's consumption is estimated at 27 million tonnes per year.