Ukrainian corn prices fall below $200/t for first time in two years — S&P Global

Ukrainian corn export prices have fallen to their lowest level in two years due to restrictions on Black Sea shipping and high logistics costs. According to Platts, part of S&P Global Energy, Ukrainian corn was assessed at $199/t FOB POC (Odesa ports) on November 2, 2026, compared with $223/t on October 2. Prices therefore declined by $24/t over the month, falling below the $200/t threshold for the first time since September 3, 2024.

High transportation costs remain the main factor behind the price decline. According to traders, the cost of moving Ukrainian corn through Romania’s Constanta port is close to $100/t, significantly reducing the competitiveness of Ukrainian supplies. Expensive alternative routes are forcing farmers to accept lower procurement prices to secure grain sales. Meanwhile, exports through the Greater Odesa ports remain severely restricted due to the deterioration of security conditions in the Black Sea since July.

Despite these restrictions, market participants have reported the possible resumption of some corn shipments from the Greater Odesa ports. In particular, reports emerged in October of a Handysize cargo of corn allegedly sold for delivery to Turkey’s Marmara region, although the deal has not been independently confirmed. High war-related risks continue to discourage shipowners. According to one exporter, freight rates for shipments from the Greater Odesa ports to the Eastern Mediterranean exceeded $120/t, making such deliveries commercially unattractive.

Under these conditions, the Danube ports, particularly Izmail, remain the main outlet for Ukrainian seaborne corn exports. Market participants have reported deals involving small coaster cargoes on FOB and CIF terms for prompt and one-month-forward shipments. The latest price indications for prompt-loading corn stood at $170/t bid and $175/t offered FOB Izmail. Some grain is also being exported by truck and rail through Ukraine’s western border crossings.

Amid low domestic prices and challenging logistics, some major Ukrainian agricultural holdings and exporters are shifting their focus to higher-value crops that offer better returns on limited export capacity. According to one producer, wheat and corn shipments are currently loss-making, prompting the company to hold grain stocks in elevators while awaiting an improvement in market conditions. As a result, logistics constraints are not only putting downward pressure on corn export prices but also forcing producers to reconsider their sales strategies and the timing of grain deliveries.

Tags: Ukraine, corn