On January 12, the U.S. Department of Agriculture (USDA) updated its global crop balance prediction for major crops for the 2023-2024 marketing year. Its figures forced the prices of wheat and corn firstly decline and then return to growth.

This was discussed today during a weekly briefing organized by the analytical center of the agricultural cooperative "First Ukrainian Agriculture Cooperative" (FUAC), created within the UAC.

There were no prerequisites for a decrease in corn prices. On the contrary, the prediction for global consumption of this crop has increased significantly: from 900 million tons to 1.2 billion tons. At the same time, global corn stocks and the total harvest will remain within the previous forecasts.

"As of January 15, 2024, Ukraine has already sold 1.5 mln tons of corn in this marketing year and continues to dynamically supply this crop to foreign markets. We have already contracted 2.3 mln tons of corn for February. Starting in March, Argentine corn will enter the market, which should reduce the cost of this crop on the market, but due to problems in the Red Sea, the cost of sea transportation has increased and it offsets the impact of Argentine corn on the global market," was mentioned by the FUAC analysts.

Currently, the corn prices became lower due to the fullness of the plants and traders are trying to reduce the purchase prices. But analysts predict that prices will start to rise early next week. As early as January 19, corn prices are expected to reach USD158-164 per ton in the port of Odesa, and on January 26, they are expected to reach USD160-165 per ton.