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Prices for Ukrainian wheat accelerate growth and reach $320 per ton

Prices for grain from Ukraine kept on strengthening following the world ones for the fifth consecutive week and reached $320 per ton of wheat with 11.5% protein.

As of November 2, 2021, wheat with 11.5% protein FOB Mykolaiv for November delivery increased by $8 per ton against Friday, October 29, to $320 per ton on the spot and to $325 per ton for delivery in the second half of November, Refinitiv Agriculture reports.

At the same time, in the morning of November 2, wheat with 11.5% protein was offered at $313 per ton on the spot, and delivery in the second half of November was about $319 per ton.

The reason for the growth can be attributed to the call of the Chinese government on November 1 to stock up on essential goods. Regional authorities have been instructed to provide the population with sufficient food supplies for the winter and next spring in case of an emergency.

Recent tenders from Saudi Arabia that bought twice as much as planned and two consecutive tenders from GASC are also fueling the market.

Bid prices for corn with delivery in the second half of November strengthened by $7 per ton against Friday to the level of $285 per ton FOB Mykolaiv.

On October 28, the Ministry of Agrarian Policy and Food of Ukraine reported that farmers had harvested 15.6 million tons of corn from 2.42 million hectares. This corresponds to 44% of the planned harvesting of 5.5 million hectares.

A week earlier, 32% of them were harvested. The yield was 6.44 tons per hectare against 6.33 tons per hectare last week. As of the same date last year, about 62% of the corn was harvested.

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