Ukrainian corn prices hit 5-month high

Prices are being pushed up by demand from Turkish buyers and logistical disruptions.

Ukrainian corn rose to a five-month high in late January amid active purchases from Turkey and limited availability at ports due to logistical disruptions, S&P Global reports.

The FOB POC estimate as of January 30 is $222.5/t — up from $218/t on January 5. This is the highest level since the beginning of the season (October 6, 2025 — $213/t).

Turkey has remained the main export destination for Ukrainian corn in recent months. According to port shipments, about 998 thousand tons were shipped to Turkey in October–December 2025, and approximately 557 thousand tons for January 1–23.

Against the backdrop of domestic price increases last week, the Turkish Grain Board (TMO) began selling corn from its stocks and announced the domestic price. Meanwhile, importers expect a new quota in February. Current purchases are being shifted to April deliveries – February is already mostly closed.

Additional demand is being recorded from Italy, the Netherlands and Spain. About 519 thousand tons of corn were shipped to Italy from January 1 to 23 (in October-December – 916 thousand tons). Spain may increase purchases due to uncertainty in trade with the US. There is interest from China, but currently price levels are uncompetitive.

Supply at ports is limited due to domestic logistical and infrastructure problems, as well as frosts that complicate deliveries from the regions. Domestic prices on a CPT basis are increasing, confirming the shortage of free supply.

The outlook is moderately bullish in the short term. As long as Turkish demand remains strong and logistical constraints persist, prices could continue to strengthen; faster shipments and improved logistics, on the contrary, will cool the market.

USM also previously reported that Turkey will double its wheat imports due to drought.