Bloomberg News

Ukraine’s November Corn Exports May Reach a Record

November 24, 2011

(Corrects amount in third paragraph in story first published yesterday.)

Nov. 24 (Bloomberg) -- Ukraine’s monthly corn shipments may reach a record in November after farmers reap a record harvest seen at 20 million metric tons and following the removal of an export tax, researcher ProAgro said.

“Corn exports are very active now, clearly this is going to be a record,” Nikolay Vernitsky, the head of agricultural researcher ProAgro, said in phone interview today in Kiev.

Shipments of corn rose to 1.01 million metric tons in the first 18 days of November compared with 422,700 tons a month earlier, Vernitsky said.

A record 20 million ton corn harvest is expected this year, of which as much as 12 million tons will be exported, Mykola Prysyazhnyuk, agriculture minister, said on Nov. 1. Ukraine cut the 12 percent export duty for corn last month.

Corn prices are decreasing which helps exporters make large purchases, Vernitsky said.

“There is demand,” Vernitsky said, adding that corn will be competing with feed wheat in the domestic market.

Grain exports rose by 84 percent in the first 18 days of November compared with a month ago, according to a ProAgro report e-mailed late yesterday. Shipments advanced to 1.3 million tons from 704,100 tons a month earlier. Wheat exports rose to 263,000 tons from 166,730 tons.

--Editors: Sharon Lindores, John Deane

To contact the reporter on this story: Kateryna Choursina in Moscow at kchoursina@bloomberg.net

To contact the editor responsible for this story: John Deane at jdeane3@bloomberg.net


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