Corn prices in Ukraine reach over $240/t, exceeding food wheat prices
Corn prices in Ukraine continue to rise amid a shortage of supply and the need for traders to fulfill contracts and have already exceeded feed wheat prices by $15-16/t, but the market has shown the first signs of a decline in overheated prices.
During the week, export prices for corn in Black Sea ports increased by $4-5/t to $238-241/t or UAH 11,100-11,200/t, but for large batches or quick delivery, traders paid $243/t, while for food grade 2 wheat they offered no more than $237/t, and for feed wheat – $228/t.
Some international traders have already stopped purchasing Ukrainian corn because they cannot sell it on the world market due to the high price. Therefore, only those companies that need to fulfill contracts for delivery to Turkey, where the duty-free import of 1 million tons of grain is being completed, are buying corn.
Processors in Ukraine are also abandoning expensive corn in favor of much cheaper feed wheat.
The South Korean Corn Producers Association (KOCOPIA) last week purchased about 60,000 tons of non-GMO food corn from Posco for delivery in early August 2025 at a price of $257.3/ton C&F.
As of April 24, only 705,000 hectares or 18% of the planned area (30% last year) had been sown with corn in Ukraine due to frost and lack of rainfall. The delay in sowing is forcing farmers to postpone corn sales, which affects prices.
Corn exports from Ukraine in the period from April 1 to 28 amounted to only 1.37 million tons (3.732 million tons for the same period last year), and in total for the season reached 18.34 million tons (out of the projected 22 million tons), which is 22.7% lower than the corresponding figure for the previous season (22.5 million tons).
On the Chicago Board of Trade, July corn futures fell by 0.5% yesterday to $190.3/t (-1.4% for the week), and December futures fell by 1.2% to $177.3/t (-3.2% for the week) amid accelerated sowing and China’s statements about its disinterest in US agricultural products.
Corn exports from the US decreased by 4% to 1.65 million tons from April 18-24, and in total for the season reached 40.9 million tons, which is 29% ahead of last year’s pace due to active deliveries to the EU and Mexico.
According to the USDA crop report, as of April 27, 24% of the planned area was sown with corn in the United States, which is 2% higher than the 5-year average (22%).
June corn futures on the Euronext Paris exchange fell 0.9% to €201.25/t or $229/t (-5% month-on-month) over the week amid significant wheat and corn inventories and falling demand from processors, which is putting pressure on prices in Ukraine.
According to FranceAgriMer, as of April 21, 50% of the planned area was sown with corn in France (24% last year, 42% on average over 5 years).
Argentina significantly accelerated its corn harvest this week after a delay caused by excessive soil moisture, which will soon increase the supply of the new crop on the world market.
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