Turkish buyers contracted about 60% of the announced quota for corn imports
According to estimates, Turkish buyers have already contracted about 600 thsd tonnes of corn for shipment in the coming months. Salih Karagoz, the broker of Atria Brokers, said that 1 mln tonnes of corn can be imported within the quota announced on October 10 with 5% customs duty until the end of December 2024.
For example, if the price of corn is 240 USD/t CIF Marmara, the import duty will be 12 USD/t, which is significantly lower than 35-40 USD/t that Turkish buyers used to pay as a license fee when importing corn. This duty may increase demand from Turkish importers.
All imports of corn were carried out through the license system, as buyers considered the previous import duty of 130% unprofitable when the license price was calculated at $30/t for food corn and $35-40/t for feed corn.
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