Turkish buyers contracted 60% of the quota for the import of corn

Turkish companies have contracted to import about 600,000 tons of corn with shipment in the coming months.

Turkish importers used 60% of the entire announced quota for the purchase of corn. This was reported by Atria Brokers broker Salih Karagoz, Latifundist writes.

In total, Turkish companies contracted 600,000 tons of products. Until the end of December 2024, within the quota announced on October 10, it is possible to import up to 1 million tons of corn with a reduced duty of 5%.

For example, with the price of corn at the level of $240/t CIF Marmara, the import duty will be $12, which is significantly lower than the previous $35-40/t paid by Turkish importers as a license fee. Such a reduction in the duty may stimulate the growth of demand for corn in Turkey.

It should be noted that previously corn was imported into Turkey through the licensing system due to high customs duties, which reached 130%. Licenses for the import of food corn cost about $30/t, and for feed corn — $35-40/t.

The day before, USM wrote that Ukraine received new permits from Turkey for international cargo transportation.