Ukrainian corn enjoys demand in several EU countries - analysts

MOSCOW. Aug 2 (Interfax) - Ukrainian corn enjoys stable demand in a number of European Union countries, which will not have enough of their own corn because of extremely hot weather in this season, Ukrainian media reported with reference to the Pusk analytical cooperative set up under the Ukrainian Agrarian Council (UAC).

"Ukraine exported about 1.2 million tonnes in July, but as an inter-season period has come, only 0.5 million tonnes has been entered into export contracts for August," the analysts said at a weekly press briefing on Tuesday.

There has been stable moderate demand for corn in Italy and Spain, where outdoor temperatures have reached 45 degrees Celsius lately, and heat has also settled in across France. These conditions might negatively affect a new corn harvest, and some importers are buying corn now amid worries regarding supply of European corn, they said.

The provisional average price for corn is about 175-185 euros per tonne, and no considerable changes on the market are expected in the immediate future. Newly harvested corn currently costs 150-160 euros per tonne for October delivery, but no forward contracts have been signed yet, experts said.

"It could be anticipated that the market will become more active starting the second half of August," Pusk experts said.