Prices for Ukrainian corn have risen sharply due to active demand from Turkey

After a short-term decline at the beginning of the week, Ukrainian corn prices quickly recovered and reached $218–222/t on a DAP-port basis.

Last week, the Ukrainian corn market demonstrated a sharp change in trend — after a dip at the start, prices quickly went up. Elevatorist writes about this with reference to brokers White Brokers.

At the beginning of the week, quotes decreased to approximately $216/t on a DAP-port basis. The main factors were weak buyer activity and a general decrease in world prices.

However, closer to the end of the week, the situation changed. Turkish importers intensified purchases in small batches, which quickly pushed prices to the level of $218–222/t.

At the same time, the overall market background remains restrained. World prices continue to be under pressure, demand remains unstable, and competition from other exporters — in particular, the USA and South America — is high.

“Seller activity during the week was extremely restrained. Large volumes were practically not offered, the market remained “thin”. At the same time, spot sales were observed from small and medium-sized agricultural holdings,” brokers note.

Also, the day before, USM reported that Kernel processed almost a million tons of oilseeds in the third quarter.