Ukraine Corn Exports Surge Capping Price Rally as U.S. Bakes
This article is for subscribers only.
Corn exports from Ukraine will almost double in the 12 months from July 1, easing a shortage of the grain and capping a 67 percent price rally in the past year as heat erodes prospects for the U.S. crop, the world’s biggest.
Ukraine is poised to overtake Brazil as the third-largest corn exporter after the U.S. and Argentina, shipping abroad 9.25 million metric tons of the grain this season, 81 percent more than last year, according to the median estimate of 10 analysts and traders surveyed by Bloomberg News. Ukraine exported 5.1 million tons of corn in 2010-11, making it the fourth-biggest supplier, according to the International Grains Council.