Ukraine Accumulates 2.25 Million Tons of Corn, Export Hindered by Port Shutdowns

Ukraine has started the new season with a record corn stock of 2.25 million tons, compared to 0.84 million tons last year. The expected total harvest is 31.8 million tons; however, exports are hindered due to the shutdown of Black Sea ports since the end of July. Alternative exports by rail through western borders have nearly exhausted their capacity, as quotas and European trains have been booked for the export of soybeans and rapeseed until the end of the season. An increase in the cost of road and rail logistics in the EU is expected from October to December. Purchase prices at elevators range from 6,500 to 7,500 UAH/ton, but due to high delivery costs (120-150 USD/ton), domestic prices may fall to 5,500-6,500 UAH/ton on FCA terms. On international markets, corn prices are rising: December futures in Chicago increased by 15.2% to 214.5 USD/ton, while November quotes in Paris jumped by 14.2% to 277.75 EUR/ton. Ukraine's share in the European market has decreased from 55% to 40% due to active supplies from Brazil and Argentina.

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