Ukraine corn prices hit 2025 low amid harvesting progress, demand slowdown

Ukraine’s corn prices have reached their lowest point in 2025, driven by the advancing new crop harvest and a slowdown in demand from destination countries.

Platts assessed Ukraine corn FOB POC at $213/mt for handy cargo on Oct. 6, for loading between Nov. 3-17. This marks a drop of $28/mt over two months, down from $241/mt on Aug. 6. Ukraine corn had previously reached this level on Dec. 4, 2024.

The new crop from Ukraine, which began arriving in the market in October, was priced lower due to anticipated high production this season, leading to increased supply. This is in contrast to the previous season, when the new crop was priced higher than the current crop due to limited supply.

Initially, prices had risen because of harvest delays caused by adverse weather conditions. However, as the harvest progresses, prices have started to decline, coinciding with a slowdown in demand from primary destination countries, including Turkey and Egypt.

A seller from Ukraine said, “Harvesting is still slow, but it’s happening somehow. The main factor causing FOB prices to decrease is the slowdown in demand.”

In the FOB market, the competitive bid was $215/mt on Sept. 29, dropping to $210/mt on Oct. 6. Ukrainian corn was traded at $213/mt on Oct. 6 for November loading.

Market participants also noted that CPT prices for corn to the ports, which had been high due to the delayed harvest, are also gradually decreasing. The CPT price for corn to Ukrainian ports was reported at around $205/mt.

The progressing local corn crop harvest in Turkey has further limited demand for Ukrainian corn by driving down domestic prices. Additionally, Turkey purchased several cargoes of Ukrainian corn even before the physical availability of the new crop, contributing to the slowing demand from Turkish buyers.

A buyer from Turkey said, “Local harvest has started, and domestic prices are coming down day by day.” The buyer added, “When the imports arrive, there will be a surplus alongside the local harvest for a period. We wonder what the prices will be at that moment.”

An importer from Turkey said, “As the middle of the Turkish harvest has started, prices are going down.” The importer also expressed expectations for further price drops in both the CIF and FOB markets.

Meanwhile, in other destination markets, including Egypt and Spain, the competitive pricing of corn from other origins such as South America and the US has limited the competitiveness of Ukrainian corn. However, some major buyers of corn in Egypt reported that they purchased their first Ukrainian cargo for this season last week.

Market participants in the destination countries anticipate that prices for Ukrainian corn will remain low due to the expected high supply, allowing it to remain competitive with other origins in the global corn market.