Corn prices in Ukraine to reach $160-$165 per tonne in late Jan - analysts

MOSCOW. Jan 17 (Interfax) - Figures available as of January 15 indicate that Ukraine has already sold 1.5 million tonnes of its 2023 corn harvest and is enhancing corn exports, Ukrainian media said on Tuesday, citing a weekly press briefing of the Pusk analytical center, set up within the Ukrainian Agri Council (UAC).

"We have already contracted 2.3 mln tonnes of corn for February. Starting from March, Argentine corn will enter the market, which should reduce the cost of this crop on the market, but the cost of sea transportation has increased due to problems in the Red Sea, and this offsets the impact of Argentine corn on the global market," the center's analysts said.

Corn prices on the Ukrainian market have edged down bacause plants are now filled to capacity, prompting traders to try to reduce the purchase prices, they said.

The prices are expected to start growing early next week. Corn prices in the Odessa port are expected to reach $158-$164 per tonne as soon as January 19, rising to $160-$165 per tonne on January 26, the UAC said.