Turkey has already used half of its new corn quota

Turkey’s corn import quota, which started on May 1, is already half-filled — although it is scheduled to run until the end of July.

Of Turkey’s planned 1 million tons of duty-free corn, at least 500,000 tons are already physically in bonded warehouses on standby, analysts at ASAP Agri reported.

“Since the announcement of the second quota in March, 1.3 million tons have already been shipped, and contracts have been signed for another 500,000 tons. Therefore, I do not expect a significant volume of new deals, except for speculative ones,” commented Erser Group Turkey CEO Koray Tuysüzoğlu.

Market participants are currently considering the possibility of importing corn from the United States within the new quota. However, this requires resolving the regulatory issue of GMO content. Currently, American corn costs Turkish buyers $15 per ton less than Ukrainian corn, which could become a significant factor against the backdrop of a quota deficit.

Recall that before the introduction of the new quota, Turkey increased imports of Ukrainian corn.