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Ukrainian corn producers eye price recovery in November

Staff Writer |
Slow corn harvesting progress in the Ukraine due to rains as well as more farmers storing rather than offering has seen prices firm in the run up to November and December.

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Prices for Ukrainian corn have slumped since the summer, hitting a three-year low at the end of September, amid a global supply glut brought on by bumper harvests in Brazil and more export-centric policies in Argentina, Platts reported.

The competitive nature of Latin American corn has since captured market share in traditional export destinations in the Middle East and North Africa from Ukrainian corn.

However, where books are short for smaller volumes - typically 25,000 mt or smaller - and where proximity plays a role, buyers are still willing to pay a premium for Ukrainian corn, sources said.

Coupled with the beginning of the harvesting season and the need to fill predetermined contracts, the market has gained some traction.

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