Grain Market Analyst
Weather conditions in 2020 contribute to a large corn crop: rains replenished moisture content. UkrAgroConsult increased its 2020 crop estimate by 2 MMT, to 38 MMT (the previous estimate equaled 36.0 MMT).
China remains a major importer of Ukrainian corn because domestic corn use is still on the rise – according to the USDA, it will gain 6 MMT in MY 2020/21, or +2% from MY 2019/20. Сorn production in China must slightly decrease that raises expectations for higher imports.
According to UkrAgroConsult’s experts, corn exports in the season of 2020/21 may high an all-time high.
At the same time, competition in MY 2020/21 will intensify under pressure from growing global corn supply, incl. from USA. This will remain among restraining factors for further rise in exports from Ukraine.
Sinking export prices and increasing domestic corn supply will affect domestic prices as well. This situation benefits compound feed producers and livestock farmers, as well as meat producers. Lower corn price may result in further growth of poultry meat production supported by stable high export demand.
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