Ukraine 2024/25 corn exportable surplus seen falling to 15-17 mln T, producers say
KYIV, Sept 19 (Reuters) -Ukraine's corn exportable surplus is likely to fall sharply in the new 2024/25 marketing year because of a significant drop in the harvest caused by poor weather, Ukraine's leading agricultural producers union UAC said.
"We forecast a corn harvest of 21-22 million tons, of which about 5 million will be consumed on the domestic market," UAC said in a statement late on Wednesday.
"The export potential of corn is estimated at 15-17 million tons, which is almost half as much," the union said, adding that Ukraine had shipped abroad around 30 million tons of corn in 2023/24.
The UAC estimates are much lower than the latest official forecast which put the exports at up to 22 million tons.
The farm ministry sees the 2024 harvest at 25 million tons, significantly higher than the UAC outlook.
UAC said there were only 600,000 tons of corn in warehouses as of Sept. 1. Farmers have already started the corn harvest, threshing 1.1 million tons of the commodity from 255,300 hectares.
Producers say global markets show high demand for Ukrainian corn, especially in Europe, pushing prices up.
"Spain is literally sucking up Ukrainian corn: by the end of last week, the price rose to $222-224 per ton, while at the beginning of the week it started at $215. Portugal has also joined the purchases," UAC noted.
The union says corn prices are expected to continue to rise in the second half of the season.
Reporting by Pavel Polityuk, Editing by Timothy Heritage
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