Traders are switching from corn to trading the new crop of early grains

The activity of players in the old crop corn market remains low. Traders move to programs for the new crop of early grains. This was reported by Spike Brokers analysts.

 

Old crop corn was traded to seaports at $176-180/t for delivery in June. The western border is nominally trading at €180-185 FCA with loading into the Eurotrain in July-August.

 

"Europe expects early grain harvest and saturation of the markets with the offer of fodder wheat grain, which creates an alternative to fodder corn from Ukraine. New crop corn was traded towards the ports in the range of $176-180/t for November-December. The Western border traded corn at the level of €172-177/t with loading into the October-December European train," the brokers said.

 

The latest indications of buyers for the 2023 harvest:

 

DAP Ukraine (Odesa) — $176-180/t;

DAP Ukraine (Danube) — $180-182/t;

FCA Ukraine (border) — €180-185/t;

DAP Italy (Mon.) (train) — €212-215/t;

DAP Italy (Mon.) (auto) — €223-225/t;

FOB Ukraine (Danube) — $197-200/t;

CIF Italy (port) — $220-222/t.

The latest indications of buyers for the 2024 harvest:

 

DAP Ukraine (Odesa) — $176-180/t;