Grain Market Analyst
The drought in major corn-growing regions continued intensifying in the latter half of August, and later varieties in the north of the country were affected as well.
Therefore, UkrAgroConsult reduces its forecast for Ukraine’s corn crop at the expense of a yield decrease.
Our export estimate is down 2% from last year, but up from the five-year average due to potentially high foreign demand.
High competition from Brazil is expected at the start of the season, as the country just switches from soybean exports to corn in August-September and currently dominates the EU market. In the end of August, the European Commission cut its EU crop forecast and raised import expectations by almost 2 MMT.
Despite the forthcoming harvest time, Ukrainian corn continues rising in price following growth on the U.S. exchange and uncertainty about the crop size in Ukraine.
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