Ukraine corn export prices hit seven-year high

Ukraine corn export prices hit seven-year high

Ukrainian corn export prices have hit a seven-year high, supported by a jump in demand, Argentina’s decision to suspend shipments and Russian plans to impose export duties on grains, analyst APK-Inform said on Saturday.

Asking prices have risen by $23-$26 per tonne so far in January, reaching a record $256-$264 per tonne FOB Black Sea. The current level is $6-$10 higher than the previous record registered in May 2014, the consultancy said in a report.

APK-Inform said earlier on Saturday that Ukrainian milling wheat export prices added $3 per tonne on Friday amid rising global prices after Russia said it would hike export taxes.

Russia – one of the world’s biggest wheat suppliers – plans to impose the higher export levy from March 1, the economy minister said on Friday, in another bid to curb rising domestic food prices triggered by the COVID-19 crisis.

Russia also plans to set a barley and corn export tax at 10 euros per tonne and 25 euros per tonne, respectively, starting from March 15.

Ukraine accounts for about 16% of global grain exports, and sold some 57 million tonnes of grain to foreign buyers in the 2019/20 season.

Its grain exports have fallen 18% to 27.2 million tonnes so far this season.

Traders have sold 12.7 million tonnes of wheat, 10.3 million tonnes of corn and 3.9 million tonnes of barley, economy ministry’s data showed.

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