Black Sea logistics disruptions push Constanta corn prices to three-year high
Corn prices in the Constanta-Varna-Burgas market have risen to their highest level in three years as Black Sea logistics disruptions redirect demand. Turkish buyers have stepped up purchases of Romanian, Serbian and Bulgarian corn instead of traditional supplies from Ukraine.
Platts assessed FOB Constanta-Varna-Burgas corn at $279/t on September 23, up $38/t from August 4 and 23% higher than a year earlier. Prices reached $281/t on September 15, the highest level in three years.
Turkey remains the main destination for Handysize cargoes shipped through Constanta. In September, trades for October and December new-crop shipments were reported at around $279–283/t FOB.
Prices are also supported by tight supply and limited farmer selling in Romania during harvest. One broker estimated Romania’s exportable corn surplus at around 2 mln tons, while Serbia could have up to 700 thsd tons available for export.
Market participants expect strong export demand and continued Black Sea logistics constraints to keep supporting corn prices in Constanta, Varna and Burgas. Some Serbian and Bulgarian volumes may also move to Italy, Greece and other nearby markets.
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