Corn prices rise without responding to China’s new forecast for increased harvest

December corn futures in Chicago rose 6.7% to $173.6/t in a month on expectations of China’s resumption of purchases of American agricultural products, without reacting to the new forecast of the Chinese Ministry of Agriculture regarding an increase in the corn harvest and a decrease in its imports into the country.

Rising prices for American corn, the cheapest on the world market, have led to higher prices in South Korea.

On November 12, South Korean animal feed producer Nonghyup Feed Inc (NOFI) purchased 75,000 tons of feed corn from Agrocorp and Lotte at a tender price of $255.9 and $265.5/ton C&F for delivery by February 15, 2026.

Recall that in October, Korean importers bought corn at a price of about $235/t C&F for delivery in December-January. Such a sharp increase adds optimism to prices for Ukrainian corn, which were the highest on the market and continued to grow due to delays in deliveries to ports.

Demand prices for feed corn for delivery in November increased to $217-222/t FOB Black Sea ports of Ukraine, which is equivalent to $267-270/t C&F for delivery to South Korea.

Difficulties with rail logistics are delaying corn deliveries to ports under previously concluded contracts, so traders are raising prices for spot deliveries to purchase the necessary batches.

Export demand prices for corn in Ukraine increased by UAH 100/t to UAH 9,850-9,950/t ($206-210/t) for delivery to Black Sea ports in November, but farmers are in no hurry to sell, as they expect prices to rise to the level of feed barley prices, which have risen to $220-223/t.

But today the USDA’s November report will be released, which could severely disrupt the corn market with new increases in corn crop forecasts in the US, Ukraine, and China.