Ukraine’s corn exports may rise to a record level for October as export demand spurred prices and farmers sold the ample harvest after a 12 percent tax was removed last month, researcher UkrAgroConsult said.
Outbound shipments of corn may reach about 1 million metric tons in October, which would be a record for the month, the Kiev-based researcher said in an e-mailed statement today.
The corn export duty, which had been in place since July 1, was abolished Oct. 22. The government forecasts 12 million tons will be exported in the marketing year which started July 1 and a record harvest of around 20 million tons. That compares with UkrAgroConsult’s harvest estimate of 16 million tons.
Corn exports from Ukraine will remain high through March, the researcher said, adding that they usually peak in November and December. Competition from Argentina is expected to intensify from March, UkrAgroConsult said.