Corn export prices in Ukraine continue to increase amid lower sea freight costs. It makes the processors to give higher purchase prices to get sufficient stocks

Last week, freight rates for transporting grain from the ports of Odesa and the Danube decreased by 3-5 $/t. The biggest decrease was in the direction of China and Spain. Rates for panamax transportation from Odesa ports to China fell by 4 $/t to 54-56 $/t. While a month ago they reached 62-65 $/t.

It should be noted that the purchase prices for corn during the week increased by 3-4 $/t to 160-162 $/t or 7,000-7,100 UAH/t with delivery to the Black Sea ports. But UAH prices grew more slowly due to the stabilization of the dollar exchange rate at 39.5 UAH/$.

Against the background of increased competition with exporters, processors increase prices to  6,300-6,700 UAH/ton with delivery to the factory. Farmers are busy with sowing, so they reduced the volume of offers. But in a week, after Easter Sunday, they will be able to resume sales.

In season 2023/24, Ukraine has already exported 22 million tons of corn (from USDA forecast of 24.5 million tons). In particular, in April - 3.25 million tons, while last year these figures were 24 million tons and 1.67 million tons, respectively.