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EU corn imports from Ukraine up 93.8% on year at 12 mil mt

London — EU corn imports from Ukraine between the start of the marketing year on July 1 and April 14 are up 93.8% on year at 12.03 million mt, data from the EU Crops Market Observatory showed Monday.

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The EU imported 19.31 million mt of corn in total, a rise of 46.15% on the year, as a lower corn and wheat yield this marketing year due to prolonged heat and drought over the European summer months prompted many feed end-users to import more corn to make up for the expected shortage.

Ukraine remains the EU's main corn trading partner, which is best reflected by the fact that there has been little change in other top five trading partners' corn exports to the EU over the last few weeks.

The EU is forecasting a total of 21 million mt of imports by the end of the marketing year, according to its latest EU Crops Market balance sheet while market participants expect a total of at least 22 million mt, up 5 million mt on the year. The latest USDA WASDE report specified 22.5 million mt.

The EU expects 15.5 million mt of corn imports in the 2019-20 marketing year.

-- James Colquhoun, james.colquhoun@spglobal.com

-- Edited by Jonathan Dart, newsdesk@spglobal.com