Ukraine has virtually completed its corn season thanks to China, despite the fact that 3 months left until the calendar’s end of the season. The stocks of corn left for export is very low as of late May, declared Bogdan Kostetskiy, Partner of Barva Invest, within Grain&Maritime Days in Odessa-2021 on May 26.
“We estimate that Ukraine has less than 5% left out of the overproduction observed this season, or about 1 mln tonnes. For corn, which crop can reach 37 mln tonnes in 2021, this volume is quite low. It can be carry-over stocks. However, Ukrainian producers can easily sell their corn at the unprecedentedly high price exceeding 270 USD/t CPT-port (as of May 25, prior to a stock exchange correction)”, – he said.
The expert said China was the reason of the price rally. If China had not announced its five-year plan for food resources restoring, the price would not has exceeded 200 USD/t.