November 10, 2011

Ukraine's average corn yield was fixed at 60 centners/hectare as of November 8 compared to last year's gross yield of 12 million tonnes which made up 45 centners/hectare, the Ukrainian Agrarian Confederation (UAC) informed.

"Bear" moods (for the fall of prices) are supported on the corn market, supply of corn from fields does not reduce, the remains as to its yield make up over 4.5 million," Director General of the Ukrainian Agrarian Confederation Serhiy Stoyanov noted.

He says that the record-making yield and problems with storage at local grain elevators pressed the Ukrainian corn market.

For the first time, following abolishment of export duties, prices for corn on the domestic market fell by UAH100-150 (US$12.47-18.70) at the end of the last week to UAH1,500-1,550 (US$187.03-193.27) per tonne.

On CPT-port basis, corn prices remained at the previous level of UAH1,750 (US$218.20) per tonne, which is related to operative purchases of corn by exporters at ports for completion of grain shipload lots.

In October, Ukraine exported one million tonnes of corn.