November 9, 2011

Ukrainian domestic corn prices drop

Ukrainian corn prices on the domestic market have decreased by 6-9% to UAH1,500-1,550 (US$187.03-193.27) per tonne, according to the Ukrainian Agrarian Confederation (UAC).

"The UAC is stating that a record harvest and problems with accommodation in local grain elevators have 'crushed' the Ukrainian corn market," the confederation said.

For the first time since the abolition of export duties, corn prices on the domestic market fell last week by UAH100-150 (US$12.47-18.70) to UAH1,500-1,550 (US$187.03-193.27) per tonne (EXW central Ukraine).

Prices under CPT port terms remained unchanged at UAH1,750 per tonne (US$218.20), which is due to operational procurements by corn exporters at ports with the aim of completing the formation of ship consignments of grain.

According to the media, 3.6 million hectares of corn was planted for the 2011 corn harvest.

Experts are predicting that farmers will harvest a record amount of corn at more than 18 million tonnes in 2011.